TCRLA_Public/090915.mbx         T R O U B L E D   C O M P A N Y   R E P O R T E R

                      L A T I N  A M E R I C A

            Tuesday, September 15, 2009, Vol. 10, No. 182

                            Headlines

A N T I G U A  &  B A R B U D A

STANFORD INT'L: SFG Global Director Not Guilty, Lawyer Says
STANFORD INT'L: Vantis Business Removed From Case
* ANTIGUA & BARBUDA: Receives US$50MM Financial Aid From Venezuela


A R G E N T I N A

AR ARGENTINA: Creditors' Proofs of Debt Due on November 9
BANCO DE VALORES: Moody's Assigns 'Ba3' Rating on Debt Securities
EQUIPAMIENTOS URBANOS: Asks for Declaration of Bankruptcy
KILOMETRO NOVENTA: Creditors' Proofs of Debt Due on October 12
MARINA BLANCA: Requests for Preventive Contest

PALAZ SA: Asks for Preventive Contest
SERVICIOS Y OBRAS: Creditors' Proofs of Debt Due on October 8
TELECOM ARGENTINA: Telecom Italia Gets 2 More Bids for Firm


B E R M U D A

AURUM EUROPA: Creditors' Proofs of Debt Due on September 30
AURUM EUROPA: Members to Receive Wind-Up Report on October 12
AURUM INDIA: Creditors' Proofs of Debt Due on September 30
AURUM INDIA: Members to Receive Wind-Up Report on October 12
AURUM SPECTRA: Creditors' Proofs of Debt Due on September 30

AURUM SPECTRA: Members to Receive Wind-Up Report on October 12


B R A Z I L

BANCO CRUZEIRO: Moody's Assigns 'Ba2' Foreign Currency Debt Rating
BANCO DO BRASIL: Invests More Than US$1 Million in TIS's Solution
BANCO DO BRASIL: Gets OK for Stake Acquisition in Banco Votorantim
BANCO VOTORANTIM: Central Bank OKs Banco Brasil's Stake Buyout
CAIXA ECONOMICA: To Finance Phase 2 of Water Improvement Project

COMPANHIA SIDERURGICA: Names Alberto Monteiro as Finance Officer
COMPANHIA SIDERURGICA: Sets Initial Guidance For Overseas Bond
GAFISA SA: Mulls Bonds Sale in Brazil This Year, CFO Says
VIACAO AEREA: OceanAir Seeks to Acquire Control of Varilog
* BRAZIL: A “Success Case” Amid Crisis, Meirelles Says


C A Y M A N  I S L A N D S

ARTEMIS ABSOLUTE: Creditors' Proofs of Debt Due on September 17
ARTEMIS ABSOLUTE: Creditors' Proofs of Debt Due on September 17
ARTEMIS EUROPEAN: Creditors' Proofs of Debt Due on September 17
ARTEMIS EUROPEAN: Creditors' Proofs of Debt Due on September 17
ENTERPRISE DEVELOPMENT: Creditors' Proofs of Debt Due on Sept. 17

FROLEY, REVY: Creditors' Proofs of Debt Due on September 17
KATANA FUND: Creditors' Proofs of Debt Due on September 17
LANGFORD FINANCE: Creditors' Proofs of Debt Due on September 17
LINBES HOLDINGS: Creditors' Proofs of Debt Due on September 17
LINBES INVESTMENTS: Creditors' Proofs of Debt Due on September 17

LOTUS GLOBAL: Creditors' Proofs of Debt Due on September 17
MARATHON OFFSHORE: Creditors' Proofs of Debt Due on September 17
OUTPOST GLOBAL: Creditors' Proofs of Debt Due on September 17
OUTPOST GMF: Creditors' Proofs of Debt Due on September 17
PRINCETON INVESTMENT: Creditors' Proofs of Debt Due on Sept. 17

TZU CAPITAL: Creditors' Proofs of Debt Due on September 17
TZU CAPITAL: Creditors' Proofs of Debt Due on September 17
TZU CAPITAL: Creditors' Proofs of Debt Due on September 17
UBS GLOBAL: Members to Receive Wind-Up Report on September 16
WEI – CHUAN: Creditors' Proofs of Debt Due on September 17


C H I L E

* CHILE: IMF Board Concludes 2009 Article IV Consultation


C O L O M B I A

BANCOLOMBIA SA: Jan-August Net Income Drops 10.6% to COP683 Bil.
ECOPETROL SA: Pacific Rubiales to Start Operations of Pipeline


D O M I N I C A

DIGICEL GROUP: Acquires Orange Dominica's Operations


J A M A I C A

NACIONAL COMMERCIAL BANK: Reviews Efficiency; Merges Agencies
* JAMAICA: Government Plans Bauxite Recovery


M E X I C O

ASARCO LLC: Sterlite Sweetens Bid, Topping Grupo Mexico
AXTEL SAB: May Be Target of Acquisition, Analysts Say
CORPORACION GEO: To Present Debt Offering in Hong Kong and NY
* MEXICO: Sells MXN32BB in Debt in ‘Recent Days,’ Minister Says
* MEXICO: July Industrial Output Declined 6.5% From Year Earlier


V E N E Z U E L A

PETROLEOS DE VENEZUELA: To Operate Sacha Field With Petroecuador
PETROLEOS DE VENEZUELA: Inks US$600 Million Project With Transneft
PETROLEOS DE VENEZUELA: Refinery Enlargement Ensures Fuel Supply
* VENEZUELA: Venezuela-Russia Business Meeting to Push Through


X X X X X X X X

LATAM: OPEC to Revise Again Market Performance in December
* Large Companies With Insolvent Balance Sheets


                         - - - - -


===============================
A N T I G U A  &  B A R B U D A
===============================


STANFORD INT'L: SFG Global Director Not Guilty, Lawyer Says
-----------------------------------------------------------
Former global director of security at Stanford Financial Group
accused of illegally shredding documents, Thomas Raffanello, was
simply "taking out the garbage" and committed no crime, Jim Loney
at Reuters reports, citing Mr. Raffanello's lawyer, former Miami
US Attorney Kendall Coffey.

As reported in the Troubled Company Reporter-Latin America on
September 14, 2009, Mr. Raffanello has been charged in a three-
count superseding indictment with conspiracy to obstruct a U.S.
Securities and Exchange Commission proceeding and to destroy
documents in a federal investigation; obstruction of a proceeding
before the SEC; and destruction of records in a federal
investigation, announced Assistant Attorney General of the
Criminal Division Lanny A. Breuer and Acting U.S. Attorney Jeffrey
H. Sloman of the Southern District of Florida.

The initial indictment in the case was unsealed by the U.S.
District Court for the Southern District of Florida on June 19,
2009, and charged Bruce Perraud of Weston, Fla., a former global
security specialist at the Fort Lauderdale SFG office, with one
count of destruction of records in a federal investigation.  In
addition to charging Mr. Raffanello of Coral Gables, Fla., the
superseding indictment charges Mr. Perraud with an additional
count of conspiracy as well as one count of obstruction of a
proceeding before the SEC.

The indictment alleges that the receiver sent an e-mail on
February 17, 2009, to all SFG employees describing the contents of
the court order mandating document and record preservation.  It is
alleged that the e-mail further instructed SFG employees that they
had been ordered to preserve "any and all documents, notes and
records," and that they may not "hide, destroy or alter any
document or electronic record relating to the company."  According
to the allegations in the superseding indictment, Mr. Perraud
placed a telephone call to Mr. Raffanello on Feb. 17, 2009, in
which he discussed the court order mandating the preservation of
documents.  Six days later, on February 23, 2009, the indictment
alleges Mr. Raffanello directed that the documents housed at SFG's
Fort Lauderdale office be shredded.   Mr. Perraud allegedly
contacted a commercial shredding company on that same day and
requested that it destroy a large quantity of SFG documents at the
Fort Lauderdale office, in violation of the February 16 court
order.  The indictment alleges that a representative of the
commercial shredding company arrived at SFG's Fort Lauderdale
offices on February 25, 2009, where he was met by Mr. Perraud.
Mr. Perraud then allegedly supervised as a 95-gallon bin was
packed with documents and was hauled to the shredder's vehicle,
where its contents were shredded.   The indictment also alleges
that many more documents and records were brought to the shredding
truck for destruction.

                    About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


STANFORD INT'L: Vantis Business Removed From Case
-------------------------------------------------
Antigua-based receiver, Vantis Business Recovery Services, has
been removed from the Stanford fraud case and severely reprimanded
by Quebec Judge Justice Claude Auclair after destroying original
computer evidence from the Montreal offices of alleged fraudster
Robert Allen Stanford's global bank; and refused to share the
copies with Canadian and U.S. authorities, Bertrand Marotte at The
Globe and Mail reports.

The report relates that Judge Auclair, citing his orally rendered
reasons in two separate but closely linked ruling, said Vantis
Business acted improperly and abused its power in efforts to
locate the missing millions of dollars at Stanford International
Bank Ltd. and elsewhere in Canada.

According to the report, Judge Auclair ordered Vantis Business to
hand over its receivership of SIBL's Canadian operations to Ernst
& Young Canada as the new court-appointed interim receiver in the
case.  The report relates that Judge Auclair said that Vantis
Business acted in a high-handed fashion after it was appointed by
an Antigua court earlier to close down the Montreal office and try
to recover the alleged Canadian victims' money.

The news agency, citing Judge Auclair's ruing, notes that Vantis
Business destroyed original databases in SIBL's Montreal office
and stonewalled efforts by Quebec's financial regulator -- the
Autorite des marches financiers –– to get access to the copied
information.  Vantis Business also refused to collaborate with the
Staford Finacial Group U.S. court-appointed receiver, Ralph
Janvey.

Judge Auclair, the report relates, dismissed Vantis Business
argument that Antigua banking privacy laws prevented it from
disclosing the information and that anyone wanting access to it
had to go through Antigua courts.  The report points out that
Judge Auclair retaliated that there is a Canadian jurisdictional
requirement here that applies and that was not followed.

The report says that Judge Auclair derided Vantis's contention
that it had to destroy the original databases and make copies
because of fears that creditors might move to repossess the
premises and their contents.

Julie Himo, the Montreal lawyer representing Vantis, said it's too
early to say whether the decision will be appealed, the report
relates.

                          About Vantis

Vantis Business Recovery Services --- www.vantisplc.com/ --- is a
trading division of Vantis Group Ltd, which is regulated by the
Institute of Chartered Accountants in England and Wales for a
range of investment business activities.  Vantis Group Ltd is a
Vantis plc group company.

Vantis is the AIM listed UK accounting, tax and business advisory
group.

                   About Stanford International

Domiciled in Antigua, Stanford International Bank Limited --
http://www.stanfordinternationalbank.com/-- is a member of
Stanford Private Wealth Management, a global financial services
network with US$51 billion in deposits and assets under management
or advisement.  Stanford Private Wealth Management serves more
than 70,000 clients in 140 countries.

On February 16, 2009, the United States District Court for the
Northern District of Texas, Dallas Division, signed an order
appointing Ralph Janvey as receiver for all the assets and records
of Stanford International Bank, Ltd., Stanford Group Company,
Stanford Capital Management, LLC, Robert Allen Stanford, James M.
Davis and Laura Pendergest-Holt and of all entities they own or
control.  The February 16 order, as amended March 12, 2009,
directs the Receiver to, among other things, take control and
possession of and to operate the Receivership Estate, and to
perform all acts necessary to conserve, hold, manage and preserve
the value of the Receivership Estate.

The U.S. Securities and Exchange Commission, on Feb. 17, charged
before the U.S. District Court in Dallas, Texas, Mr. Stanford and
three of his companies for orchestrating a fraudulent, multi-
billion dollar investment scheme centering on an US$8 billion
Certificate of Deposit program.

A criminal case was pursued against him in June before the U.S.
District Court in Houston, Texas.  Mr. Stanford pleaded not guilty
to 21 charges of multi-billion dollar fraud, money-laundering and
obstruction of justice.  Assistant Attorney General Lanny Breuer,
as cited by Agence France-Presse News, said in a 57-page
indictment that Mr. Stanford could face up to 250 years in prison
if convicted on all charges.  Mr. Stanford surrendered to U.S.
authorities after a warrant was issued for his arrest on the
criminal charges.

The criminal case is U.S. v. Stanford, H-09-342, U.S. District
Court, Southern District of Texas (Houston). The civil case is SEC
v. Stanford International Bank, 3:09-cv-00298-N, U.S. District
Court, Northern District of Texas (Dallas).


* ANTIGUA & BARBUDA: Receives US$50MM Financial Aid From Venezuela
------------------------------------------------------------------
The Ministry of Finance, the Economy and Public Administration in
Antigua and Barbuda said that, contrary to media reports, US$50
million in financial assistance from Venezuela has been received,
Reuters reports.

According to the report, the Ministry said that the money was
placed in Antigua and Barbuda’s call account at the Eastern
Caribbean Central Bank on August 21, 2009.  The report relates
that the fund is already being used for part of the intended
purpose of allowing government to meet basic financial
obligations, even as the terms of the agreement are being
finalized.


=================
A R G E N T I N A
=================


AR ARGENTINA: Creditors' Proofs of Debt Due on November 9
---------------------------------------------------------
Monica Edith Vicens, the court-appointed trustee for Ar Argentina
SA's bankruptcy proceedings, will be verifying creditors' proofs
of claim until November 9, 2009.

Ms. Vicens will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 4 in Buenos Aires, with the assistance of Clerk
No. 7, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Monica Edith Vicens
          Cerrito 1130
          Argentina


BANCO DE VALORES: Moody's Assigns 'Ba3' Rating on Debt Securities
-----------------------------------------------------------------
Moody's Latin America has assigned a rating of Aaa.ar (Argentine
National Scale) and Ba3 (Global Scale, Local Currency) to the Debt
Securities of Fideicomiso Financiero Tarjeta Privada XVII, issued
by Banco de Valores S.A. (acting solely in its capacity as
Trustee).  Moody's also assigned a rating of Ca.ar (Argentine
National Scale) and Ca (Global Scale, Local Currency) to the
subordinated Certificates.

The securities are backed by a pool of credit card receivables
originated by Banco Privado de Inversiones S.A. located in
Argentina.  Interest and principal on the VDF are payable from the
cash flow of the credit card receivables.

The ratings assigned are based on these factors:

* The credit quality of the securitized pool;

* The credit enhancement provided through the 20% initial
  subordination level;

* The ability of Banco Macro Bansud to act as backup servicer in
  the transaction;

* The availability of several reserve funds; and,

* The legal structure of the transaction.

                             Structure

Banco de Valores S.A. (Issuer and Trustee) issued one class of
peso-denominated, floating-rate bonds and a residual certificate,
all of them backed by a pool of credit card receivables originated
by BPI.  The VDF original balance is equal to 80% of the original
issuance amount.

At closing, the VDF were backed by credit card outstanding
balances generated by eligible accounts.  The ownership of those
accounts remains with the originator but the receivables are
assigned to the trust.  The transaction has five reserve funds: an
expense fund, a liquidity reserve fund, a backup servicer
replacement fund, and sinking funds for interest and principal.

The VDF will bear a floating interest rate (Badlar + 400 bps) with
a minimum rate of 19% and a maximum rate of 27%.  If an early
amortization event occurs, the revolving period will terminate
automatically.

After the grace period of two months and beginning in the third
month after closing, scheduled interest and principal will be paid
in that order, on each payment date.  Principal is scheduled to be
paid in five monthly installments.  If the scheduled principal is
not paid on time, it will not constitute an event of default under
the terms of the transaction documents, given that the promise to
investors is to receive ultimate principal before the legal final
maturity date.

During the revolving period, the originator will sell new
receivables to the trust.  These receivables will be purchased
from the cash flow coming from collections.  The documents of the
transaction allow for a direct offset of these two cashflows.  By
having this procedure no cash has to be transferred back and forth
to the trust account and as a result, trust expenses are
minimized.

                        Seller And Servicer

BPI is the seller of the receivables and the primary servicer of
the transaction.  The bank was founded in 1993 to provide
financial services to the middle-high and high income segment of
the market.  In 1996, BPI began issuing MasterCard and Visa credit
cards to its customers.

Banco Macro S.A. is the designated backup servicer.  If a servicer
replacement trigger is hit, the trustee is obligated to
immediately notify BM and Visa and MasterCard.  The trustee, who
receives pool and borrower data from the servicer on a monthly
basis, will transfer this information to the backup servicer.  In
addition, Visa and MasterCard will also have duplicate data which
they can transfer to BM, if necessary.  Given that BM is a member
of the Visa and MasterCard system, the transfer of data should be
straightforward.

BM will be entitled to receive this information as the new owner
of the accounts according to the conditional assignment contract
which will become effective upon the occurrence of a servicer
replacement event.  Thus, even if BPI's membership in the Visa and
MasterCard networks is terminated, credit card customers will not
have their credit lines suspended.

The servicer will transfer collections to the trust account on a
weekly basis.  As a result, there is one week of commingling risk
at the originator/servicer level which may affect the deal should
the originator/servicer enter into a reorganization procedure.
This risk is mitigated by the ability of BM, once it is appointed
as backup servicer, to service the receivables, and by the
servicer replacement reserve account that will be funded at
closing with 0.5 times the next interest payment.  This reserve
account can be used to pay interest during the transition process.
In addition, there is another reserve account equivalent to 1.5
times the next interest payment.  These aggregated funds provide a
total coverage of two monthly interest payments.

                           Rating Action

Originator: Banco Privado de Inversiones S.A.

  -- $22.4 Million Pesos in Floating Rate Securities of
     "Fideicomiso Financiero Tarjeta Privada XVII", VDF rated
     Aaa.ar (National Scale Rating) and Ba3 (Global Scale, Local
     Currency).

  -- $5.6 Million Pesos in Certificates of "Fideicomiso Financiero
     Tarjeta Privada XVII", CP rated Ca.ar (National Scale Rating)
     and Ca (Global Scale, Local Currency).


EQUIPAMIENTOS URBANOS: Asks for Declaration of Bankruptcy
---------------------------------------------------------
Equipamientos Urbanos de Buenos Aires SA asked for the declaration
of bankruptcy.


KILOMETRO NOVENTA: Creditors' Proofs of Debt Due on October 12
--------------------------------------------------------------
Ignacio Bilon, the court-appointed trustee for Kilometro Noventa y
Dos SA's bankruptcy proceedings, will be verifying creditors'
proofs of claim until October 12, 2009.

Mr. Bilon will present the validated claims in court as individual
reports.  The National Commercial Court of First Instance No. 20
in Buenos Aires, with the assistance of Clerk No. 40, will
determine if the verified claims are admissible, taking into
account the trustee's opinion, and the objections and challenges
that will be raised by the company and its creditors.

The Trustee can be reached at:

          Ignacio Bilon
          Reconquista 715
          Argentina


MARINA BLANCA: Requests for Preventive Contest
----------------------------------------------
Marina Blanca SA requested for preventive contest.

The company stopped making payments last January 15.


PALAZ SA: Asks for Preventive Contest
-------------------------------------
Palaz SA asked for preventive contest.

The company stopped making payments on March 11, 2003.


SERVICIOS Y OBRAS: Creditors' Proofs of Debt Due on October 8
-------------------------------------------------------------
Maria Cristina Rodriguez, the court-appointed trustee for
Servicios y Obras SA's bankruptcy proceedings, will be verifying
creditors' proofs of claim until October 8, 2009.

Ms. Rodriguez will present the validated claims in court as
individual reports.  The National Commercial Court of First
Instance No. 24 in Buenos Aires, with the assistance of Clerk
No. 48, will determine if the verified claims are admissible,
taking into account the trustee's opinion, and the objections and
challenges that will be raised by the company and its creditors.

The Trustee can be reached at:

          Maria Cristina Rodriguez
          Av. Corrientes 3169
          Argentina


TELECOM ARGENTINA: Telecom Italia Gets 2 More Bids for Firm
-----------------------------------------------------------
Telecom Italia SpA has received two more bids for its 50% stake in
the controlling company of Telecom Argentina SA, Sofora,
Telegeography News reports, citing La Nacion newspaper.  The
report relates that the two bidders are private equity outfit
Pegasus Group and triple-play operator TeleCentro.

According to the report, a number of bids for the stake -- valued
in the region of US$500 million -- have previously been lodged,
including one from Mexican billionaire Carlos Slim.

As reported in the Troubled Company Reporter-Latin America on
August 28, 2009, Dow Jones Newswires said that Argentina's
National Antitrust Commission has given Telecom Italia one year to
divest its stakes in local unit Telecom Argentina, due to a
conflict of interest.  CNDC Vice President Humberto Guarda Mendoza
told Dow Jones Newswires on August 27, in an interview
that Telecom Italia must present a plan for the sale within 60
days.  According to the report, CNDC said that Spain's Telefonica
SA's minority stake in Telecom Italia creates a conflict between
the two companies' Argentine operations.  The report relates
Telefonica owns Telefonica Argentina, which shares an effective
duopoly over the Argentine telecommunications sector with Telecom.

Dow Jones Newswires noted that the antitrust investigation is
based on Telefonica SA's involvement in a consortium that bought a
24.7% stake in Telecom Italia, which gave Telefonica two seats on
the Telecom Italia's board.  The report related that Telecom
Italia argued that Telefonica SA's indirect 10% holding translates
into a mere 1.8% stake in the Argentine unit and that its
directors are barred from making decisions in the two markets
where the providers overlap -- Argentina and Brazil.  Mr. Mendoza,
the report added, said that while Telecom Italia is expected to
appeal the CNDC decision, almost all decisions of the commission
have been upheld.

                        About Telecom Argentina

Headquartered in Buenos Aires, Telecom Argentina S.A. --
http://www.telecom.com.ar/index-flash.html-- provides
telephone-related services, such as international long-distance
service and data transmission and Internet services, and through
its subsidiaries, wireless telecommunications services,
international wholesale services and telephone directory
publishing.

                           *     *     *

As of June 30, 2009, the company continues to carry Standard and
Poor's "B-" LT Foreign Issuer Credit rating and "B" LT Local
Issuer Credit rating.  The company also continues to carry Fitch
ratings' "B" LT FC Issuer default rating; "B+" LT LC Issuer
default rating; and "B" Senior Unsecured Debt rating


=============
B E R M U D A
=============


AURUM EUROPA: Creditors' Proofs of Debt Due on September 30
-----------------------------------------------------------
The creditors of Aurum Europa Dollar Fund Ltd. are required to
file their proofs of debt by September 30, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 31, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton, in the Islands of Bermuda


AURUM EUROPA: Members to Receive Wind-Up Report on October 12
-------------------------------------------------------------
The members of Aurum Europa Dollar Fund Ltd. will hold their
meeting on October 12, 2009, at 10:30 a.m., to receive the
liquidator's report on the company's wind-up proceedings and
property disposal.

The company commenced wind-up proceedings on August 31, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton, in the Islands of Bermuda


AURUM INDIA: Creditors' Proofs of Debt Due on September 30
----------------------------------------------------------
The creditors of Aurum India Fund Ltd. are required to file their
proofs of debt by September 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 31, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton, in the Islands of Bermuda


AURUM INDIA: Members to Receive Wind-Up Report on October 12
------------------------------------------------------------
The members of Aurum India Fund Ltd. will hold their meeting on
October 12, 2009, at 11:00 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on August 31, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton, in the Islands of Bermuda


AURUM SPECTRA: Creditors' Proofs of Debt Due on September 30
------------------------------------------------------------
The creditors of Aurum Spectra Fund Ltd. are required to file
their proofs of debt by September 30, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on August 31, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton, in the Islands of Bermuda


AURUM SPECTRA: Members to Receive Wind-Up Report on October 12
--------------------------------------------------------------
The members of Aurum Spectra Fund Ltd. will hold their meeting on
October 12, 2009, at 11:15 a.m., to receive the liquidator's
report on the company's wind-up proceedings and property disposal.

The company commenced wind-up proceedings on August 31, 2009.

The company's liquidator is:

          Christopher C. Morris
          Century House, 16 Par-la-Ville Road
          Hamilton, in the Islands of Bermuda


===========
B R A Z I L
===========


BANCO CRUZEIRO: Moody's Assigns 'Ba2' Foreign Currency Debt Rating
------------------------------------------------------------------
Moody's Investors Service assigned a Ba2 long-term foreign
currency debt rating to the notes issued by Banco Cruzeiro do Sul
S.A.  The issuance, in the amount of US$175 million, is the third
tranche issued under the existing Short-term Note program of
$1,000,000,000, and is due in September 2012.  The outlook on the
rating is negative.

Moody's stated that the Ba2 debt rating incorporates BCSul'
fundamental credit quality and all relevant country risks.  At
Ba2, the bond rating is not constrained by the Baa3 country
ceiling for foreign currency bonds and notes for Brazil.

Moody's last rating action on BCSul was on December 10, 2008, when
Moody's downgraded the bank's bank financial strength rating to D
from D+, and long-term local-currency debt and bank deposit
ratings to Ba2 from Ba1.  The outlook was changed to negative.

BCSul is headquartered in Sao Paulo, Brazil, and it had total
assets of BRL6,825 million and total equity of BRL1,019 million as
of June 30, 2009.

This rating was assigned to BCSul' 3-year unsecured,
unsubordinated notes: Ba2 foreign currency bond rating, negative
outlook.


BANCO DO BRASIL: Invests More Than US$1 Million in TIS's Solution
-----------------------------------------------------------------
Top Image Systems, Ltd., disclosed the successful execution of a
saving accounts statement processing project for Banco do Brasil.
The project is valued at over US$1 million.

Aiming to meet government regulations, Banco do Brasil was looking
for a solution to capture and process 60 million savings account
statements stored over 60,000 microfiches.  After technologically
benchmarking several solution providers, Banco do Brasil selected
TIS's eFLOW to restore information for balances and interest rates
applied incorrectly due to 20 year old Brazilian economic plans.
TIS was represented by its local partner, Politec, that brings
an expanded package of expertise in IT solutions for governmental
agencies, and shows revenues in excess of US$300 million.

The bank set a time frame of 12 months, while the project was
successfully completed in just 11 months.  Recognition rates
surpassing 90% allowed for tremendous savings on human resource
expenses as compared to the project plan.

"This project demonstrates our superiority within the banking
sector, where our solutions are being used around the globe to
transform labor intensive tasks into an automated, efficient and
accurate system, while driving down costs," Dr. Ido Schechter, CEO
of TIS, commented.  "Many financial organizations are now looking
into ways to restore operations and expand their offering to
customers.  With the wealth of experience we have working with
financial organizations, we are in an advantageous position to
benefit from the anticipated developments in this market and
support our customers in the challenges they face."

                       About Top Image Systems

Top Image Systems -- http://www.TopImageSystems.com-- is a
leading innovator of enterprise solutions for managing and
validating content entering organizations from various sources.
Whether originating from mobile, electronic, paper or other
sources, TIS solutions deliver the content to applications that
drive the organization.  TIS's eFLOW Unified Content Platform is a
common platform for the company's solutions. TIS markets its
platform in more than 40 countries through a multi-tier network of
distributors, system integrators, value-added resellers as well as
strategic partners.

                       About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s
Individual Rating at 'C/D'.


BANCO DO BRASIL: Gets OK for Stake Acquisition in Banco Votorantim
------------------------------------------------------------------
Brazil's central bank has approved Banco do Brasil's plan to
acquire minority stake in Banco Votorantim, Rogerio Jelmayer at
Dow Jones Newswires reports, citing a company statement.

As reported in the Troubled Company Reporter-Latin America on
January 13, 2009, Reuters said that Banco do Brasil agreed to pay
BRL4.2 billion (US$1.84 billion) for a 50% stake in Banco
Votorantim, to compete with private-sector firms amid a wave of
consolidation in the Brazilian banking sector.  According to The
Wall Street Journal,  BRL3 billion will be allocated for the
acquisition of 33.36 billion common shares of Banco Votorantim,
and the other BRL1.2 billion will be used to increase Banco
Votorantim's capital.  Banco do Brasil, WSJ relates, described the
planned acquisition as "part of an effort to strengthen the bank's
operations in the area of motor-vehicle financing.  This is an
area in which Banco Votorantim is highly specialized and in which
it has shown rapid growth," the same report said.

                       About Banco Votorantim

Banco Votorantim S.A., together with its subsidiaries, operates as
a multiple bank with commercial, credit, financing, and investment
portfolios in Brazil.  It offers commercial and investment banking
services, consumer finance, asset management, and securities
brokerage services.  The company engages in financing for the
infrastructure sector, including projects involving electric power
generation, transmission, and distribution; and providing private
banking services, such as wealth management and estate planning
advisory services with a focus on risk control, investment
performance, and wealth preservation and expansion.  Banco
Votorantim also engages in the negotiation and distribution of
securities for third parties, and administration of investment
funds.  The company was founded in 1988 and is headquartered in
Sao Paulo, Brazil.  Banco Votorantim S.A. is a part of the
Votorantim Group

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 9, 2009, Moody's Investors Service placed on review for
possible upgrade of Banco Votorantim S.A.'s Ba2 long-term foreign
currency deposit rating and Baa3 long-term foreign currency bond
rating.

                       About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s
Individual Rating at 'C/D'.


BANCO VOTORANTIM: Central Bank OKs Banco Brasil's Stake Buyout
--------------------------------------------------------------
Brazil's central bank has approved Banco do Brasil's plan to
acquire minority stake in Banco Votorantim, Rogerio Jelmayer at
Dow Jones Newswires reports, citing a company statement.

As reported in the Troubled Company Reporter-Latin America on
January 13, 2009, Reuters said that Banco do Brasil agreed to pay
BRL4.2 billion (US$1.84 billion) for a 50% stake in Banco
Votorantim, to compete with private-sector firms amid a wave of
consolidation in the Brazilian banking sector.  According to The
Wall Street Journal,  BRL3 billion will be allocated for the
acquisition of 33.36 billion common shares of Banco Votorantim,
and the other BRL1.2 billion will be used to increase Banco
Votorantim's capital.  Banco do Brasil, WSJ relates, described the
planned acquisition as "part of an effort to strengthen the bank's
operations in the area of motor-vehicle financing.  This is an
area in which Banco Votorantim is highly specialized and in which
it has shown rapid growth," the same report said.

                       About Banco Votorantim

Banco Votorantim S.A., together with its subsidiaries, operates as
a multiple bank with commercial, credit, financing, and investment
portfolios in Brazil.  It offers commercial and investment banking
services, consumer finance, asset management, and securities
brokerage services.  The company engages in financing for the
infrastructure sector, including projects involving electric power
generation, transmission, and distribution; and providing private
banking services, such as wealth management and estate planning
advisory services with a focus on risk control, investment
performance, and wealth preservation and expansion.  Banco
Votorantim also engages in the negotiation and distribution of
securities for third parties, and administration of investment
funds.  The company was founded in 1988 and is headquartered in
Sao Paulo, Brazil.  Banco Votorantim S.A. is a part of the
Votorantim Group

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 9, 2009, Moody's Investors Service placed on review for
possible upgrade of Banco Votorantim S.A.'s Ba2 long-term foreign
currency deposit rating and Baa3 long-term foreign currency bond
rating.

                       About Banco do Brasil

Banco do Brasil SA is Brazil's federal bank and is the largest in
Latin America with some 20 million clients and more than 7,000
points of sale (3,200 branches) in Brazil, and 34 offices and
partnerships in 26 other countries.  In addition to its
traditional retail banking services, Banco do Brasil underwrites
and sells bonds, conducts asset trading, offers investors
portfolio management services, conducts financial securities
advising, and provides market analysis and research.

                           *     *     *

As reported by the Troubled Company Reporter-Latin America on
Jan. 20, 2009, Fitch Ratings affirmed Banco do Brasil S.A.'s
Individual Rating at 'C/D'.


CAIXA ECONOMICA: To Finance Phase 2 of Water Improvement Project
----------------------------------------------------------------
Caixa Economica Federal will be financing the phase two of a
government project that is aimed to improve potable water supply
in Sao Paulo city suburb Sao Bernardo do Campo, Daniel Bland at
Business News Americas reports, citing a spokesperson from the
state's sanitation and energy department.  "Phase two of the
project has already started and should be completed in the first
half of 2010. This involves installing another 4.3km of the water
main, which will total 6.6km.  Caixa Economica is financing this
9.1mn-real phase," the report quoted the unnamed spokesperson as
saying.

According to the report, Governor Jose Serra inaugurated the
completion of phase one of the Vila Marchi-Alvarenga water main
project.  The report relates a total of 2.3km of the pipeline was
installed to benefit 220,000 people in the neighborhoods of
Demarchi, Batistini and Alvarenga.  Sao Paulo state water utility
Sabesp funded this 3.6 million-real project, the report says.

                       About Caixa Economica

Headquartered in Brasilia, Caixa Economica Federal --
http://www.caixa.gov.br-- is a Brazilian bank and one of the
largest government-owned financial institutions in Latin America.
Founded in Jan. 12, 1861, Caixa Economica is the second biggest
Brazilian bank, second only to Banco do Brasil, and offers
services in thousands of Brazilian towns, ranking third in Brazil
in number of branches.  The company has more than 32 million
accounts and controls more than US$170 billion.  It is responsible
for executing policies in the areas of housing and basic
sanitation, the administration of social funds and programs and
federal lotteries.

                           *     *     *

Caixa Economica Federal continues to carry a Ba2 foreign currency
deposit rating from Moody's Investors Service.  The rating was
assigned by Moody's in May 2008.


COMPANHIA SIDERURGICA: Names Alberto Monteiro as Finance Officer
----------------------------------------------------------------
Companhia Siderurgica Nacional S.A. has named Alberto Monteiro de
Queiroz Netto as its new executive finance director, John
Kolodziejski at Dow Jones Newswires reports.  The report relates
that Mr. Monteiro will be responsible for the company's domestic
and international finance, foreign exchange and credit operations;
and his mandate will run through to April 30 2011.

According to the report, Mr. Monteiro is a company administrator
by profession.  The report relates that Mr. Monteiro shares the
finance portfolio with Paulo Penido Pinto Marques, who will
specialize in investor relations.

Dow Jones Newswires notes that previously, Octavio Lazcano was
responsible for both areas.  The report recalls that Mr. Lazcano
left CSN at the beginning of August to become president and head
of investor relations at Brazilian logistics company LLX Logistica
SA.

                             About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of July 1, 2009, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.


COMPANHIA SIDERURGICA: Sets Initial Guidance For Overseas Bond
--------------------------------------------------------------
Companhia Siderurgica Nacional S.A. has set initial price guidance
for its 10-year overseas bond issue at 7.0% to 7.25%, Rogerio
Jelmayer and Claudia Assis at Dow Jones Newswires report, citing a
person close to the operation.

As reported in the Troubled Company Reporter-Latin America on
September 4, 2009, Bloomberg News said that CSN tapped Morgan
Stanley and Banco Itau to arrange a benchmark dollar bond sale
amid growing demand for Latin American corporate debt.  The report
related that the source said CSN will pitch the bond offering to
investors next week, said the person.  According to the report, a
benchmark-size sale typically means at least US$500 million.  The
report, citing Fitch ratings, noted that CSN, which will use
proceeds to refinance debt, may raise as much as $750 million in
10-year notes.  The report said that CSN’s debt sale is part of a
push by Latin America companies to tap overseas credit markets as
borrowing costs decline amid speculation the global economic
recession is easing.

Dow Jones Newswires says that the bonds will mature on
September 30, 2019; and were rated Ba1 by Moody's Investors
Service, BBB- by Fitch Ratings and BB+ by Standard & Poor's.

                             About CSN

Headquartered Sao Paolo, Brazil, Companhia Siderurgica Nacional
S.A. (NYSE: SID) -- http://www.csn.com.br/-- produces, sells,
exports and distributes steel products, like hot-dip galvanized
sheets, tin mill products and tinplate.  The company also runs its
own iron ore, manganese, limestone and dolomite mines and has
strategic investments in railroad companies and power supply
projects.  The group also operates in Brazil, Portugal, and the
U.S.

                           *     *     *

As of July 1, 2009, the company continues to carry Moody's
Currency LT Debt ratings at Ba1.  The company also continues to
carry Standard and Poor's Issuer credit ratings at BB+.


GAFISA SA: Mulls Bonds Sale in Brazil This Year, CFO Says
---------------------------------------------------------
Gafisa SA may sell bonds in the domestic market this year, taking
advantage of record low interest rates to repay maturing debt,
Veronica Navarro Espinosa at Bloomberg News reports, citing Chief
Financial Officer Duilio Calciolari.

“Because liquidity is increasing, we’re seeing more options for
the company, like issuing additional bonds,” Mr. Calciolari told
Bloomberg News in an interview.  “It’s a matter of opportunity.
Now that we have lower costs, we can refinance our short-term
debt,” Mr. Calciolari added.

Gafisa SA sold BRL250 million (US$137 million) of 2-year floating-
rate notes in the local market last month, according to Bloomberg
data.  The report, citing company documents, relates that Gafisa
SA will have BRL509 million in maturing debt by June 2010.

According to the report, Mr. Calciolari said that the company has
no plans to sell shares this year.  The report notes that
Mr. Calciolari said that the company’s revenue from low-income
housing may increase to as much as 60% next year from the current
50%, while sales may grow 15% this year and 25% in 2010.  “There’s
a huge demand for housing, especially for the low-income sector,”
the news agency quoted Mr. Calciolari as saying.

                           About Gafisa SA

Headquartered in Sao Paulo, Brazil and founded in 1954, Gafisa
S.A. is one of the largest fully integrated homebuilders in the
country ranking second in terms of revenues and volumes, and
also one of the most diversified in terms of product offering to
different income levels and geographies, operating in 20
different states.  With an estimated market share of 6% in
Brazil, Gafisa had net revenues of BRL1.3 billion in the last 12
months ending on March 31, 2008.

                             *     *     *

As reported in the Troubled Company Reporter-Latin America on
February 24, 2009, Moody's has affirmed Gafisa's Ba2 local
currency corporate family rating, but changed the outlook to
negative from stable.  At the same time, Gafisa's Brazilian
national scale corporate family rating was downgraded to A1.br
from Aa3.br.


VIACAO AEREA: OceanAir Seeks to Acquire Control of Varilog
----------------------------------------------------------
Brazilian airline OceanAir President German Efromovich made an
offer to acquire control of VarigLog, which filed for bankruptcy
protection in March, Telma Marotto at Bloomberg News reports,
citing Estad de S. Paulo reported.  VarigLog is the cargo division
of Viacao Aerea Rio-Grandense SA.

According to the report, Mr. Efromovich presented the proposal in
a meeting with debt holders of the company.  The report relates
that Mr. Efromovich declined to say how much he would pay for the
company.

Bloomberg News, citing Estad de S. Paulo, says VarigLog has BRL400
million ($218.5 million) in debt.

                       About Viacao Aerea

Viacao Aerea Rio-Grandense SA provides passenger, cargo, baggage,
and air mail transport servicxes both over domestic and
international routes.  The company also maanges airport cehck-in
services, arrival lounges, and central reservations.  The airline
is owned by Gol Transportes Aereos based in Rio de Janeiro,
Brazil.  Until recently, it was Brazil's leading international
airline.  In 2005, however, the airline went into judicial
reorganization (similar to bankruptcy protection) and in 2006
downsized substantially, making it the second largest airline in
Brazil, combined with Gol.


* BRAZIL: A “Success Case” Amid Crisis, Meirelles Says
------------------------------------------------------
Andre Soliani and Paulo Winterstein at Bloomberg News report,
citing central bank President Henrique Meirelles, said that Brazil
proved to be a “success case” among global economies as growing
domestic demand and investments helped buffer that nation during
the economic downturn.  Brazil is in a “very strong position” now
with bank loans being granted at pre-crisis levels, Mr. Meirelles
told the news agency in an interview.

According to the report, the national statistic agency said that
Brazil emerged from its first recession since 2003 in the second
quarter of this year powered by domestic demand.  Gross domestic
product expanded 1.9% in the second quarter from the previous
three months, after having contracted in the previous two
quarters.


                           *     *     *

Brazil continues to carry Moody's Rating Agency's "Ba1" local and
foreign currency ratings.


==========================
C A Y M A N  I S L A N D S
==========================


ARTEMIS ABSOLUTE: Creditors' Proofs of Debt Due on September 17
---------------------------------------------------------------
The creditors of Artemis Absolute Return Hedge Fund GP Limited are
required to file their proofs of debt by September 17, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 31, 2009.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258
          e-mail: jturnbull@deloitte.com


ARTEMIS ABSOLUTE: Creditors' Proofs of Debt Due on September 17
---------------------------------------------------------------
The creditors of Artemis Absolute Return Hedge Fund Limited are
required to file their proofs of debt by September 17, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 30, 2009.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258
          e-mail: jturnbull@deloitte.com


ARTEMIS EUROPEAN: Creditors' Proofs of Debt Due on September 17
---------------------------------------------------------------
The creditors of Artemis European Hedge Fund GP Limited are
required to file their proofs of debt by September 17, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 31, 2009.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258
          e-mail: jturnbull@deloitte.com


ARTEMIS EUROPEAN: Creditors' Proofs of Debt Due on September 17
---------------------------------------------------------------
The creditors of Artemis European Hedge Fund Limited are required
to file their proofs of debt by September 17, 2009, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on July 30, 2009.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258
          e-mail: jturnbull@deloitte.com


ENTERPRISE DEVELOPMENT: Creditors' Proofs of Debt Due on Sept. 17
-----------------------------------------------------------------
The creditors of Enterprise Development Fund Limited are required
to file their proofs of debt by September 17, 2009, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on January 29, 2009.

The company's liquidator is:

          Stuart Sybersma
          c/o Rob Rintoul
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258
          e-mail: rrintoul@deloitte.com


FROLEY, REVY: Creditors' Proofs of Debt Due on September 17
----------------------------------------------------------
The creditors of Froley, Revy Alternative Strategies Offshore
Fund, Ltd are required to file their proofs of debt by
September 17, 2009, to be included in the company's dividend
distribution.

The company commenced wind-up proceedings on August 3, 2009.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Bernadette Bailey-Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666


KATANA FUND: Creditors' Proofs of Debt Due on September 17
----------------------------------------------------------
The creditors of Katana Fund (General Partner) Limited are
required to file their proofs of debt by September 17, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 27, 2009.

The company's liquidator is:

          Claire Cawley
          Fleming Court, Fleming’s Place, Dublin 4
          Ireland


LANGFORD FINANCE: Creditors' Proofs of Debt Due on September 17
---------------------------------------------------------------
The creditors of Langford Finance Ltd are required to file their
proofs of debt by September 17, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 16, 2009.


LINBES HOLDINGS: Creditors' Proofs of Debt Due on September 17
--------------------------------------------------------------
The creditors of Linbes Holdings Limited are required to file
their proofs of debt by September 17, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 28, 2009.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Laura Chisholm
          Telephone: 945 4777
          Facsimile: 945 4799
          P.O. Box 707, Grand Cayman KY1-1107
          Telephone: 945-4777
          Facsimile: 945-4799


LINBES INVESTMENTS: Creditors' Proofs of Debt Due on September 17
-----------------------------------------------------------------
The creditors of Linbes Investments Limited are required to file
their proofs of debt by September 17, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 28, 2009.

The company's liquidator is:

          Royhaven Secretaries Limited
          c/o Laura Chisholm
          Telephone: 945 4777
          Facsimile: 945 4799
          P.O. Box 707, Grand Cayman KY1-1107
          Telephone: 945-4777
          Facsimile: 945-4799


LOTUS GLOBAL: Creditors' Proofs of Debt Due on September 17
-----------------------------------------------------------
The creditors of Lotus Global Strategy Fund Ltd. are required to
file their proofs of debt by September 17, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 20, 2009.

The company's liquidator is:

          Stuart Sybersma
          c/o Rob Rintoul
          Deloitte & Touche
          P.O. Box 1787, Grand Cayman KY1-1109
          Cayman Islands
          Telephone: (345) 949 7500
          Facsimile: (345) 949 8258
          e-mail: rrintoul@deloitte.com


MARATHON OFFSHORE: Creditors' Proofs of Debt Due on September 17
----------------------------------------------------------------
The creditors of Marathon Offshore Angola Block 32 Limited are
required to file their proofs of debt by September 17, 2009, to be
included in the company's dividend distribution.

The company's liquidator is:

          Y. R. Kunetka
          5555 San Felipe St.
          Houston, Texas 77056 U.S.A.


OUTPOST GLOBAL: Creditors' Proofs of Debt Due on September 17
-------------------------------------------------------------
The creditors of Outpost Global Macro Fund, Ltd are required to
file their proofs of debt by September 17, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on July 30, 2009.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Bernadette Bailey-Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666


OUTPOST GMF: Creditors' Proofs of Debt Due on September 17
----------------------------------------------------------
The creditors of Outpost GMF Offshore, Ltd are required to file
their proofs of debt by September 17, 2009, to be included in the
company's dividend distribution.

The company commenced wind-up proceedings on July 30, 2009.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Bernadette Bailey-Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666


PRINCETON INVESTMENT: Creditors' Proofs of Debt Due on Sept. 17
---------------------------------------------------------------
The creditors of Princeton Investment Corporation are required to
file their proofs of debt by September 17, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 3, 2009.

The company's liquidator is:

          C.I. Directors Ltd.
          P.O. Box 1110, Grand Cayman KY1-1102
          Telephone: (345) 949 7212
          Facsimile: (345) 949 0993


TZU CAPITAL: Creditors' Proofs of Debt Due on September 17
----------------------------------------------------------
The creditors of Tzu Capital Management (Cayman) Limited are
required to file their proofs of debt by September 17, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 22, 2009.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Bernadette Bailey-Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666


TZU CAPITAL: Creditors' Proofs of Debt Due on September 17
----------------------------------------------------------
The creditors of Tzu Capital Special Situations Fund are required
to file their proofs of debt by September 17, 2009, to be included
in the company's dividend distribution.

The company commenced wind-up proceedings on July 14, 2009.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Bernadette Bailey-Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666


TZU CAPITAL: Creditors' Proofs of Debt Due on September 17
----------------------------------------------------------
The creditors of Tzu Capital Special Situations Master Fund are
required to file their proofs of debt by September 17, 2009, to be
included in the company's dividend distribution.

The company commenced wind-up proceedings on July 14, 2009.

The company's liquidator is:

          DMS Corporate Services Ltd.
          c/o Bernadette Bailey-Lewis
          dms Corporate Services Ltd.
          dms House, 2nd Floor
          P.O. Box 1344, Grand Cayman KY1-1108
          Telephone: (345) 946 7665
          Facsimile: (345) 946 7666


UBS GLOBAL: Members to Receive Wind-Up Report on September 16
-------------------------------------------------------------
The members of UBS Global Frontier Portfolio Ltd. – U.S. will
receive on September 16, 2009, at 10:00 a.m., the liquidator's
report on the company's wind-up proceedings and property disposal.

The company's liquidator is:

          Stuart Sybersma
          c/o Jessica Turnbull
          Deloitte & Touche
          P.O. Box 1787GT, Grand Cayman
          Cayman Islands
          Telephone: (345) 949-7500
          Facsimile: (345) 949-8258


WEI – CHUAN: Creditors' Proofs of Debt Due on September 17
----------------------------------------------------------
The creditors of Wei - Chuan International Limited are required to
file their proofs of debt by September 17, 2009, to be included in
the company's dividend distribution.

The company commenced wind-up proceedings on August 6, 2009.

The company's liquidator is:

          Tsai Sung-Po
          c/o Neil Gray
          Close Brothers (Cayman) Limited
          Harbour Place, Fourth Floor
          P.O. Box 1034, Grand Cayman, KY1-1102
          Telephone: (345) 949 8455
          Facsimile: (345) 949 8499


=========
C H I L E
=========


* CHILE: IMF Board Concludes 2009 Article IV Consultation
---------------------------------------------------------
The Executive Board of the International Monetary Fund concluded
the Article IV consultation with Chile.

                              Background

The Chilean economy has proved resilient in the face of the global
financial crisis.  The sound policy framework, underpinned by an
inflation target regime, a structural budget rule, and a flexible
exchange rate, allowed the economy to enter the crisis with a
fundamentally robust position.  Large fiscal savings accumulated
in past years have been critical to preserve stability and cover
financing needs, while the imbalances in the financial and
corporate sectors witnessed elsewhere have been absent.

Being highly integrated to the global economy, the global crisis
transmitted quickly through trade and financial linkages.  Real
GDP slowed markedly in the fourth quarter of 2008 and contracted
in the first quarter of 2009.  Inflationary pressures eased
considerably due to the weak domestic demand and the decline in
food and energy prices, with the 12-month inflation rate falling
from 9.9 percent in October 2008 to 2% by June 2009.  Weak demand
from main trading partners and lower copper prices resulted in an
external current account deficit of 2% of GDP in 2008.  However,
the sharp compression of imports that accompanied the decline in
domestic demand, shifted the current account into a projected
surplus in 2009.

The policy response to the crisis has been sizable, well balanced
and coordinated.  Liquidity support measures have helped preserve
financial stability.  Since early 2009, the Central Bank of Chile
cut the policy rate by 775 basis points to an historic low of
1/2%, and the government announced a stimulus package of 2.9
percent of GDP comprising higher public investment, transitory tax
reductions and direct transfers and subsidies to low income
households.  In July, the Central Bank of Chile announced
complementary measures to better align market rates with the
policy rate; including the establishment of a liquidity facility
at the monetary policy rate with tenors of up to six months;
adjustments to the issuance of short-term central bank notes to
ensure consistency with the new liquidity facility; and the
suspension for the remainder of 2009 of the previously-planned
issuances of 1-year notes and 2-year nominal bonds.

The government also adopted additional measures to foster
employment and credit, and promote competition in the financial
system. Fiscal measures are to be financed through the issuance of
new government debt and with resources from the Economic and
Social Stabilization Fund.  The central bank has adjusted its debt
management program for 2009 to offset any impact of the
government’s additional financing needs.  The government also has
advanced structural reforms in the financial sector and domestic
capital markets to strengthen the supervisory framework, as well
as to bring forward the implementation of the reform of the
pension system.

The 2009-10 outlook remains highly dependent on the external
environment, in particular the speed of the global recovery and
its impact on commodity prices.  A further deterioration of global
conditions would impinge on the pace of the domestic recovery and
affect expectations on growth and income prospects in the near
term.  Nevertheless, the Chilean economy is well placed for an
early return to sustained growth on the heels of the strong
counter-cyclical measures adopted by the authorities and the
expected recovery of its main trading partners.

                    Executive Board Assessment

Executive Directors commended the Chilean authorities for their
sound policy framework underpinned by an inflation target regime,
a structural budget rule, and a flexible exchange rate regime.  As
a result of this strong framework and the authorities’ track
record of exemplary policies, Chile’s economy is well placed to
face the global crisis, which has caused a sharp deterioration in
economic performance since the last quarter of 2008.  Directors
welcomed the authorities’ vigorous, well balanced, and coordinated
policy response, which they viewed as critical for preserving
financial and macroeconomic stability.  While macroeconomic
conditions have begun to stabilize in the second quarter of 2009,
Directors noted that Chile’s near-term growth prospects are
affected by the high uncertainty surrounding the timing and pace
of the global recovery.

Directors endorsed the Central Bank of Chile’s decision to
implement alternative means of monetary easing to support activity
and a return of inflation to the target, noting the staff’s
assessment that the exchange rate is broadly in line with
fundamentals.

Directors welcomed the countercyclical fiscal stimulus, and
recommended caution when deciding to withdraw such stimulus,
encouraging the authorities to consider extending several revenue
measures through end-2010, if needed.  Once the recovery is well
entrenched, Directors saw scope for unwinding those measures and
specifying a structural target to preserve fiscal credibility and
address long-term fiscal pressures.

Directors encouraged the authorities to consider extending the
horizon for fiscal policy formulation and focusing on the level
and growth in public per capita spending relative to income per
capita, and its implications for net public assets.  They
commended the authorities for the significant progress in dealing
with contingent liabilities, and welcomed their commitment to
assess the fiscal impact of long-term liabilities related to
pensions and central bank recapitalization, as prescribed by the
Fiscal Responsibility Law.  Directors encouraged the authorities
to sustain reforms to lower the cost of doing business and to
further promote formal employment.

Directors praised the authorities for their sound prudential and
supervisory framework and for the progress in advancing reforms to
deepen domestic capital markets.  They noted that Chile’s capital
markets have been a resilient source of corporate financing during
the global crisis, and welcomed efforts aimed at facilitating
foreign participation and market access for small and medium-sized
firms.  Directors suggested that the authorities consider keeping
some new liquidity instruments and facilities even after the
turbulence subsides.  With credit risks expected to rise,
Directors recommended that the authorities continue assessing the
effectiveness of the models banks use to determine provisioning
levels, and explore options to reduce their procyclicality.  They
also encouraged the authorities to consider broadening the
perimeter of regulation to non-bank institutions outside the
direct purview of the supervisory authorities.


===============
C O L O M B I A
===============


BANCOLOMBIA SA: Jan-August Net Income Drops 10.6% to COP683 Bil.
----------------------------------------------------------------
Bancolombia S.A. reported unconsolidated net income of
COP64.1 billion for the month ended August 31, 2009.  Net income
for Bancolombia on an unconsolidated basis totaled COP683.3
billion for the first eight months of 2009, decreasing 10.6% as
compared to the same period last year.

    - Net interest income, including interest from investment
      securities, totaled COP188.6 billion in August 2009.
      For the eight-month period ended August 31, 2009, net
      interest income totaled COP1.749 trillion, increasing
      5.0% as compared to the same period last year.

    - Net fees and income from services totaled COP65.0 billion
      in August 2009.  For the eight-month period ended
      August 31, 2009, net fees and income from services
      totaled COP549.5 billion, which represents an increase
      of 7.7% as compared to the same period of 2008.

    - Other operating income reached COP24.7 billion in
      August 2009.  For the eight-month period ended August 31,
      2009, other operating income totaled COP227.9 billion,
      decreasing 49.4% as compared to the same period
      last year.  Bancolombia notes that a considerable part
      of other operating income comes from dividend income
      received from subsidiaries, which is eliminated in the
      consolidated results as it is an intercompany transaction.
      As a result, this dividend income is only recorded in
      Bancolombia's unconsolidated results.

    - Net provisions charges totaled COP44.3 billion in August
      2009.  Net provisions totaled COP477.9 billion for the
      eight-month period ended August 31, 2009, which
      represents an increase of 27.3% as compared to the same
      period of 2008.

    - Operating expenses totaled COP156.8 billion in August
      2009.  For the eight-month period ended August 31, 2009,
      operating expenses totaled COP1.277 trillion, increasing
      11.3% as compared to the same period of 2008.

    - Non-operating income was positively impacted by non-
      recurring income of COP12.6 billion, related to the sale
      of the Bank's interest in Visa Inc.  Total assets
      (unconsolidated) amounted to COP39.4 trillion, gross
      loans amounted to COP27.2 trillion, deposits totaled
      COP26.1 trillion and Bancolombia's total shareholders'
      equity amounted to COP6.3 trillion.  Bancolombia's
      unconsolidated level of past due loans (overdue more
      than 30 days) as a percentage of total loans was 3.95%
      as of August 31, 2009, and the coverage for past due
      loans was 138.43% as of the same date.

                           Market Share

According to ASOBANCARIA (Colombia's national banking
association), Bancolombia's market share of the Colombian
financial system as of August 2009 was:

   * 21.4% of total net loans,
   * 21.3% of total checking accounts,
   * 20.0% of total savings accounts,
   * 17.2% of time deposits, and
   * 19.3% of total deposits.

                        About Bancolombia

Bancolombia S.A. is Colombia's largest full-service financial
institution, formed by a merger of three leading Colombian
financial institutions.  Bancolombia's market capitalization is
over US$5.5 billion, with US$13.8 billion asset base and
US$1.4 billion in shareholders' equity as of Sept. 30, 2006.
Bancolombia is the only Colombian company with an ADR level III
program in the New York Stock Exchange.

                           *     *     *

In May 2009, Moody's Investors Service upgraded from D to D+,
Bancolombia S.A.'s financial strength rating.  The outlook on the
BFSR was changed to "stable", from "positive".  Bancolombia's
long-term and short-term local currency deposit ratings of "Baa2"
and "Prime- 3", as well as the long-term and short-term foreign
currency deposit ratings of "Ba2" and "Not Prime" were affirmed by
Moody's.  Bancolombia's foreign currency subordinated debt rating
of"Baa3" was also affirmed with a stable outlook by the rating
firm.

Fitch Ratings affirmed on June 2009 Bancolombia's long- and short-
term Issuer Default Ratings and outstanding debt ratings as
follows: Long-term foreign currency IDR at 'BB+'; Short-term
foreign currency IDR at 'B'; Long-term local currency IDR at
'BB+'; Short-term local currency IDR at 'B'; Individual at 'C/D';
Support at '3'; Support Floor at 'BB-'.  At the same time the
rating for Bancolombia's subordinated debt maturing May 2017 was
affirmed at 'BB'. The Rating Outlook is Stable.


ECOPETROL SA: Pacific Rubiales to Start Operations of Pipeline
--------------------------------------------------------------
Pacific Rubiales Energy Corp. will start its operations of the
Oleoductos de Los Llanos pipeline.

The pipeline was built and will be operated by ODL, a special
purpose vehicle structured for the project, where Ecopetrol and
Pacific Rubiales hold a 65% and 35% interest, respectively.

The pipeline connects the Rubiales heavy oil field, located in the
Los Llanos Basin, to the Monterrey station in the Casanare
department of Colombia, where it will connect with the OCENSA
pipeline, allowing for the transport of the crude from the field
to the Caribbean export terminal of Covenas.

With a length of 235 km and a diameter of 24 inches, the initial
capacity of the pipeline is 60,000 barrels per day, which will
then increase to 160,000 barrels per day by the first quarter of
2010.  With further investment the pipeline may transport up to
260,000 barrels per day.  The pipeline is totally buried and was
designed and built to minimize its environmental footprint.

Total investment for the project was US$ 530 million, excluding
financing costs.  During the peak of activity, the project
employed 4,685 workers, most of them from the areas neighbouring
the path of the pipeline.

This project, the largest of its kind in Colombia in the last
decades, stands not only as the cornerstone of the development of
Rubiales, but also as a key component of the future development of
the hydrocarbon potential of the entire Llanos Orientales basin.

Ronald Pantin, Chief Executive Officer, commented: "With the
coming on line of the ODL pipeline and the associated
infrastructure field, we enter into a new phase of the development
of Rubiales, reducing significantly our transport costs and
eliminating the road transport restrictions.  This pipeline will
also play a key strategic role in the development of this emerging
oil basin".

Javier Gutierrez, President of Ecopetrol, was also quoted as
saying "This is a key strategic project for the development of the
Colombian heavy crudes and it is an integral part of Ecopetrol's
stated strategic goals for 2015".

Pacific Rubiales, a Canadian-based company and producer of natural
gas and heavy crude oil, owns 100% of Meta Petroleum Corp., a
Colombian oil operator which operates the Quifa block in the
Llanos Basin in association with Ecopetrol S.A., the Colombian
national oil company.  The company is focused on identifying
opportunities primarily within the eastern Llanos Basin of
Colombia as well as in other areas in Colombia and northern Peru.
Pacific Rubiales has a current net production of approximately
36,000 barrels of oil equivalent per day, with working interests
in 32 blocks in Colombia and Peru.

Boe may be misleading, particularly if used in isolation. A boe
conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency
conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the wellhead.

                        About Ecopetrol S.A.

Ecopetrol S.A. -- http://www.ecopetrol.com.co.-- is the largest
company in Colombia as measured by revenue, profit, assets and
shareholders' equity.  The company is Colombia's only vertically
integrated crude oil and natural gas company with operations in
Colombia and overseas.  Ecopetrol is one of the 40 largest
petroleum companies in the world and one of the four principal
petroleum companies in Latin America.  It is majority owned by the
Republic of Colombia and its shares trade on the Bolsa de Valores
de Colombia S.A. under the symbol ECOPETROL.  The company
divides its operations into four business segments that include
exploration and production; transportation; refining; and
marketing of crude oil, natural gas and refined-products.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 15, 2009, Fitch Ratings assigned a 'BB+' rating to Ecopetrol
S.A.'s proposed issuance of at least US$1 billion senior unsecured
notes due 2019.  Proceeds will be used for investments and general
corporate purposes.


===============
D O M I N I C A
===============


DIGICEL GROUP: Acquires Orange Dominica's Operations
----------------------------------------------------
Digicel Group has acquired Orange Dominica Ltd.'s operation the
country, Dominica News Online reports, citing reliable sources .

According to the report, 15 months ago, Orange Dominica said it
may have no choice but to close shop because of inadequate
revenue.  The report relates that Digicel officials plan to
publicly announce the acquisition early this week.

Dominica News Online notes that Orange is the key brand of France
Telecom.  The report relates that Orange Dominica began operations
in Dominica several years ago, providing mobile services, and
competing against Cable & Wireless (now LIME).

                      About Digicel Group

Digicel Group -- http://www.digicelgroup.com-- is renowned for
competitive rates, unbeatable coverage, superior customer care, a
wide variety of products and services and state-of-the-art
handsets. By offering innovative wireless services and community
support, Digicel has become a leading brand across its 31 markets
worldwide.

Digicel is incorporated in Bermuda and now has operations in 31
markets worldwide. Its Caribbean and Central American markets
comprise Anguilla, Antigua & Barbuda, Aruba, Barbados, Bermuda,
Bonaire, the British Virgin Islands, the Cayman Islands, Curacao,
Dominica, El Salvador, French Guiana, Grenada, Guadeloupe, Guyana,
Haiti, Honduras, Jamaica, Martinique, Panama, St Kitts & Nevis,
St. Lucia, St. Vincent & the Grenadines, Suriname, Trinidad &
Tobago and Turks & Caicos. The Caribbean company also has coverage
in St. Martin and St. Barths. Digicel Pacific comprises Fiji,
Papua New Guinea, Samoa, Tonga and Vanuatu.

                           *     *     *

As of June 25, the company continues to carry these low ratings
from Moody's:

   -- LT Corp Family Rating at B2
   -- Senior Undecured Debt Rating at Caa1
   -- probability of Default at B2


=============
J A M A I C A
=============


NACIONAL COMMERCIAL BANK: Reviews Efficiency; Merges Agencies
-------------------------------------------------------------
National Commercial Bank Jamaica Limited will consolidate five of
its agencies into their larger parent branches in its drive to
improve the operating efficiency across its branch network.  The
move will be effective October 16, 2009.

The Buff Bay, Lionel Town, Grange Hill, Spanish Town Road and
Yallahs agencies will merge into the Annotto Bay, May Pen,
Savanna-la-mar, Hagley Park Road and Morant Bay full service
branches, respectively.

Agencies differ from branches, in that they are smaller and do not
facilitate investment and some banking services; they primarily
process savings withdrawals, check encashments and deposits.  NCB
Deputy Group Managing Director, Dennis Cohen, explained that NCB
consistently reviews the performance of all its service delivery
channels and as appropriate new locations are added to the
network, as was the case last year with the new Port Antonio
branch.

“Notwithstanding the fact that we are achieving record profits,
the current economic climate demands that we aggressively maintain
the highest level of operational efficiency in order to
consistently meet and exceed our targets.  As such, we have
weighed the customer benefits of the wider range of services
available at the existing full service branches against the
limited financial services and increasing operating cost of the
agencies and could no longer justify maintaining the locations,”
stated Mr. Cohen.

When asked how NCB planned to maintain a presence in the former
agency communities Audrey Tugwell Henry, Senior General Manager,
NCB Retail Banking Division had this to say: “We will ensure that
ABMs are accessible in secure and convenient locations within the
environs of the former agencies to ensure that we can continue to
facilitate most day-to-day banking schedules of the affected
customers.  Our Sales Team will continue to make calls on the
customers in these communities as we continue to meet their
banking needs.  We continue to contribute to the development and
enrichment of the communities in which we serve through our
philanthropic endeavors.”

Ms. Henry said her team will continue to encourage customers to
take advantage of the convenience of the NCB eChannels -Tele-
Banking, eBanking and 170 ABMs islandwide - which eliminate the
in-branch fees attached to some transactions.  All agency
employees will be absorbed into the NCB branch network.  NCB
continues to serve and delight its customers, guided by the
highest service quality standards, through its 42 service
locations across the island.

                          About NCB Jamaica

Headquartered in Kingston, Jamaica, the National Commercial Bank
Jamaica Limited -- http://www.jncb.com/-- provides commercial
and retail banking, wealth management services.  The company's
services include personal banking, business banking, mortgage
loans, wealth management and insurance services.  Founded in
1977, the bank primarily operates in West Indies and the U.K.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
August 10, 2009, Standard & Poor's Ratings Services said that it
lowered its long-term ratings on National Commercial Bank Jamaica
Ltd., including the counterparty credit rating, to 'CCC+' from
'B-'.  At the same time, S&P lowered its survivability assessment
on NCB to 'B+' from 'BB+'.  The outlook is negative.


* JAMAICA: Government Plans Bauxite Recovery
--------------------------------------------
The Jamaican government will outline plans for the resuscitation
of the bauxite/alumina sector which has been hit hard by the
protracted global recession, RadioJamaica reports.

According to the report, Mining Minister James Robertson, buoyed
by the announcement that the St. Ann Bauxite Company will be
increasing production, has called a press conference to present
additional plans to revive the mining sector.

Mr. Robertson, the report relates, that there are signs the sector
is on the road to recovery despite the lingering effects of the
recession.  "There is a lot to talk about because we're very
bullish that once we get the energy factor down and one or two
other issue, we may soon see a full start up of our
bauxite/alumina industry.  We now have two plants at full
production, three down and the Chinese were looking at
investment," the report quoted Mr. Robertson as saying.

RadioJamaica notes that Jamaica's bauxite/alumina sector has in
recent months been affected by the fall off in the international
demand for alumina and the closure of two major mining companies.

As reported in the Troubled Company Reporter-Latin America on
May 20, 2009, Caribbean Net News said the Jamaican government is
pursuing talks with overseas stakeholders, in a bid to determine
the fate of three bauxite plants whose operations have been scaled
down.  The report recalled activities at the plants -- West
Indies Alumina Company's (WINDALCO) operations in Ewarton, St
Catherine and Kirkvine, Manchester; and Alumina Partners (ALPART)
in Nain, St Elizabeth -- were scaled down earlier this year by the
operators, due to the reduction in the international demand for
alumina.  According to the report, Prime Minister Golding said
Jamaica's Ambassador to Moscow, Joy Wheeler, met with the Russian
Vice Minister with responsibility for the bauxite/alumina sector,
regarding AC Rusal and WINDALCO; and he spoke with the President
of Hydro, Eivind Reiten, regarding ALPART's future.

                         *     *     *

Fitch currently rates Jamaica's foreign currency and local
currency Issuer Default Ratings at 'B'.  The Rating Outlook on the
ratings is Negative.


===========
M E X I C O
===========


ASARCO LLC: Sterlite Sweetens Bid, Topping Grupo Mexico
-------------------------------------------------------
Debarati Roy at Bloomberg News reports that Sterlite Industries
(India) Ltd. topped rival Grupo Mexico's offer for the U.S.
copper miner by almost 3 percent.  The offer was increased to
$2.57 billion in cash from $2.14 billion, Mumbai-based Sterlite,
India's largest copper producer, said September 11 in a statement
to the National Stock Exchange.  Grupo Mexico had offered
$2.5 billion last month.

As reported by the TCR on September 2, 2009, Judge Richard S.
Schmidt of the U.S. Bankruptcy Court for the Southern District of
Texas recommended to District Court Judge Andrew S. Hanen to
confirm the Plan of Reorganization proposed by Asarco Incorporated
and Americas Mining Corporation for ASARCO LLC and its debtor
affiliates.

The Parent's Plan, valued at $3.6 billion, complies with all of
the requirements of the Bankruptcy Code and should be confirmed,"
Judge Schmidt said in his 137-page report and recommendation dated
August 31, 2009.  "Confirmation of the Debtors' Plan should be
denied," he added.

Judge Schmidt's recommendation came after a two-week hearing on
the Plans of Reorganization filed by each of ASARCO LLC and Asarco
Inc. and AMC.  Judge Schmidt has also recommended that the
District Court issue all injunctions set forth in the Parent's
Plan.

Judge Hanen is expected to rule on the Plan in November 2009.  The
Debtors are expected to emerge from bankruptcy by the end of 2009
should Judge Hanen accept the Bankruptcy Court's recommendation,
Grupo Mexico SAB de C.V., AMC's ultimate parent, said in a press
release.

ASARCO LLC has been battling against its estranged parent, Asarco
Inc. and AMC, as to whose plan should be best for the Debtors and
the bankruptcy estates.  ASARCO LLC's reorganization plan is
backed by Sterlite (USA) Inc.'s bid.  Both plans by ASARCO LLC and
Grupo Mexico propose to pay all Allowed Claims in full.  The
ASARCO Plan has gained support from the United Steelworkers of
America, and other key parties, including creditors, the Arizona
Attorney General, and state legislators.

Both Plans are confirmable, Judge Schmidt said in his ruling, but
decided that the Parent Plan is superior.

                      Plan Feasibility Issues

Judge Schmidt, in his ruling, noted that although both the Parent
and the Debtors' Plans are feasible, both Plans raise feasibility
issues.  Judge Schmidt pointed out that the Parent Plan:

  -- failed to reach a collective bargaining agreement with the
     Union, which could result in a crippling strike;

  -- saddles the reorganized Debtor with obligations requiring
     it to upstream dividends and sales proceeds to the Parent
     to pay off the borrowing facility used to fund the Plan;
     and

  -- would hold ASARCO LLC liable for any creditor shortfall.

On the other hand, Judge Schmidt pointed out that support for the
future operation of the reorganized Debtor under the Debtors' Plan
relies on the good graces of Sterlite and not on any legal
commitment.

Reorganized ASARCO, Judge Schmidt, however, found, under the
Parent Plan, has sufficient financial resources so that the
confirmation and consummation of the Parent Plan is not likely to
be followed by liquidation, or the need for further financial
reorganization, of reorganized ASARCO.

A full-text copy of Judge Schmidt's Recommendation is available
for free at:

   http://bankrupt.com/misc/ASARCO_Recommendation_083109.pdf

Pursuant to Section 157(d) of the Judicial and Judiciary
Procedures Code, Judge Andrew S. Hanen of the U.S. District Court
for the Southern District of Texas granted the joint request of
the Debtors, Americas Mining Corporation, Asarco Incorporated, the
Official Committee of Asbestos Claimants, the Future Claims
Representative, and the Official Committee of Unsecured Creditors
to withdraw the reference regarding confirmation proceedings and
related requests for injunction.

                        About ASARCO LLC

Based in Tucson, Arizona, ASARCO LLC -- http://www.asarco.com/--
is an integrated copper mining, smelting and refining company.
Grupo Mexico S.A. de C.V. is ASARCO's ultimate parent.

ASARCO LLC filed for Chapter 11 protection on August 9, 2005
(Bankr. S.D. Tex. Case No. 05-21207).  James R. Prince, Esq., Jack
L. Kinzie, Esq., and Eric A. Soderlund, Esq., at Baker Botts
L.L.P., and Nathaniel Peter Holzer, Esq., Shelby A. Jordan, Esq.,
and Harlin C. Womble, Esq., at Jordan, Hyden, Womble & Culbreth,
P.C., represent the Debtor in its restructuring efforts.  Paul M.
Singer, Esq., James C. McCarroll, Esq., and Derek J. Baker, Esq.,
at Reed Smith LLP give legal advice to the Official Committee of
Unsecured Creditors and David J. Beckman at FTI Consulting, Inc.,
gives financial advisory services to the Committee.

When ASARCO LLC filed for protection from its creditors, it listed
US$600 million in total assets and US$1 billion in total debts.

ASARCO LLC has five affiliates that filed for Chapter 11
protection on April 11, 2005 (Bankr. S.D. Tex. Case Nos.
05-20521 through 05-20525).  They are Lac d'Amiante Du Quebec
Ltee, CAPCO Pipe Company, Inc., Cement Asbestos Products Company,
Lake Asbestos of Quebec, Ltd., and LAQ Canada, Ltd.  Sander L.
Esserman, Esq., at Stutzman, Bromberg, Esserman & Plifka, APC, in
Dallas, Texas, represents the Official Committee of Unsecured
Creditors for the Asbestos Debtors.  Former judge Robert C. Pate
has been appointed as the future claims representative.  Details
about their asbestos-driven Chapter 11 filings have appeared in
the Troubled Company Reporter since April 18, 2005.

Encycle/Texas, Inc. (Bankr. S.D. Tex. Case No. 05-21304), Encycle,
Inc., and ASARCO Consulting, Inc. (Bankr. S.D. Tex. Case No. 05-
21346) also filed for Chapter 11 protection, and ASARCO has asked
that the three subsidiary cases be jointly administered with its
Chapter 11 case.  On October 24, 2005, Encycle/Texas' case was
converted to a Chapter 7 liquidation proceeding.  The Court
appointed Michael Boudloche as Encycle/Texas, Inc.'s Chapter 7
Trustee.  Michael B. Schmidt, Esq., and John Vardeman, Esq., at
Law Offices of Michael B. Schmidt represent the Chapter 7 Trustee.

ASARCO's affiliates, AR Sacaton LLC, Southern Peru Holdings LLC,
and ASARCO Exploration Company Inc., filed for Chapter 11
protection on December 12, 2006.  (Bankr. S.D. Tex. Case No.
06-20774 to 06-20776).

Six of ASARCO's affiliates, Wyoming Mining & Milling Co., Alta
Mining & Development Co., Tulipan Co., Inc., Blackhawk Mining &
Development Co., Ltd., Peru Mining Exploration & Development Co.,
and Green Hill Cleveland Mining Co. filed for Chapter 11
protection on April 21, 2008.  (Bank. S.D. Tex. Case No. 08-20197
to 08-20202).

Bankruptcy Creditors' Service, Inc., publishes ASARCO Bankruptcy
News.  The newsletter tracks the Chapter 11 proceeding undertaken
by ASARCO LLC and its various affiliates.
(http://bankrupt.com/newsstand/or 215/945-7000)


AXTEL SAB: May Be Target of Acquisition, Analysts Say
-----------------------------------------------------
Emily Schmall and Hugh Collins at Bloomberg News report that
speculations have arise that Axtel, S.A.B. de C.V. may be an
acquisition candidate.

According to the report, Martin Lara, an analyst with Vector Casa
de Bolsa SA, said that President Felipe Calderon’s plan to raise
foreign investment and improve competition may lead to removing a
ban on foreign companies buying more than 49% of local fixed- line
phone operators.  The report, citing a document on the ministry’s
Web site, relates that Mexico’s Finance Ministry last week
proposed reforms of the phone industry as part of efforts to shore
up the federal budget amid declining oil revenue.  The government
will “improve regulation with measures such as opening to foreign
investment,” the document on stated.

Juan Carlos Cuevas, Axtel’s manager of investor relations, told
Bloomberg News in a phone interview that Axtel SAB is not aware of
companies that may be interested in a takeover.  Isabel Suarez, a
spokeswoman for Telefonica Mexico, said in an e-mail to Bloomberg
News that the company “has no official position or negotiations in
regards to Axtel.”

As reported in the Troubled Company Reporter-Latin America on
September 11, 2009, Axtel SAB commenced a cash tender offer for
any and all of its outstanding 11% Senior Notes due 2013.  In
conjunction with the tender offer, the company commenced a consent
solicitation with respect to certain proposed amendments to the
Indenture governing the Notes.  The current aggregate principal
amount of the Notes outstanding is approximately US$162.5 million.

Eric Wilson, an analyst with Actinver SA, told Bloomberg News in a
phone interview that eliminating some covenants may make it a more
attractive acquisition prospect.  “We can’t rule out the idea of a
takeover,”  Mr. Wilson added.

“Axtel is a very attractive company and there could be many
parties interested in it,” said Jose Miguel Garaicochea, who
manages MXN9.7 billion (US$726 million) in 11 funds at Banco
Santander Mexico SA, said in an e-mail to the news agency.

                        About Axel SAB

Axtel, S.A.B. de C.V. is the second-largest, and one of the
fastest growing, fixed-line, integrated telecommunications
companies in Mexico, measured in revenues, EBITDA and lines in
service.  The company offers a wide array of services, including
local and long distance telephony, broadband Internet, data and
built-to-suit communications solutions in 39 cities and long
distance telephone in over 200 cities to more than 828,000
business and residential customers.  The company provides local,
long distance, data, internet, integrated solutions and value-
added communications services in 39 of the largest metropolitan
areas in the country, including Mexico City, Monterrey,
Guadalajara, Puebla, Toluca, Leon, Queretaro, San Luis Potosi,
Saltillo, Aguascalientes, Ciudad Juarez, Tijuana, Torreon (Laguna
Region), Veracruz, Chihuahua, Celaya, Irapuato, Cd. Victoria,
Reynosa, Tampico, Cuernavaca, Merida, Morelia, Pachuca,
Hermosillo, San Juan del Rio, Xalapa, Durango, Villahermosa,
Acapulco, Mexicali, Cancun, Zacatecas, Matamoros, Nuevo Laredo,
Culiacan, Mazatlan, Coatzacoalcos and Minatitlan.  These 39 cities
represent more than 47% of the total population of Mexico
according to Mexico's Instituto Nacional de Estadistica Geografia
e Informatica, INEGI.  The company estimates that Axtel lines
represent approximately 9.3% of the lines in service of the total
addressable market in the 39 cities in which it provides local
services.

                         *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 10, 2009, top rating agencies has rated the company:

   -- Moody's Investors Service assigned a Ba2 rating to
      Axtel, S.A.B. de C.V.'s proposed up to US$300 million
      in senior unsecured notes due 2019;
   -- Standard & Poor's Ratings Services said that it affirmed
      its ratings, including the 'BB-' corporate credit rating,
      on Axtel S.A.B de C.V.; and

   -- Fitch Ratings has assigned these ratings for Axtel,
      S.A.B. De C.V.:

         * Local currency Issuer Default Ratings at 'BB';

         * Foreign currency IDR at 'BB';

         * Proposed senior notes due 2019 for up to
           US$300 million at 'BB';


CORPORACION GEO: To Present Debt Offering in Hong Kong and NY
-------------------------------------------------------------
Corporacion GEO Sab de CV and bankers, Morgan Stanley and Banco
Santander SA, will make presentations for a five-year U.S. dollar-
denominated debt offering to investors in Hong Kong and New York
today, September 15, followed by Switzerland and Boston on
September 16 and Los Angeles on September 17, Daniel Bases at
Reuters reports.  The report relates that the presentation, which
is divided into two teams, started September 14 in Singapore and
London.

As reported in the Troubled Company Reporter-Latin America on
September 11, 2009, Bloomberg News said that Corporacion Geo SAB
tapped Morgan Stanley and Banco Santander SA to arrange a dollar
bond sale as the company seeks to take  advantage of increasing
investor demand for Latin American corporate debt.  According to
the report, an unnamed source said the company may sell debt with
a maturity of five years.  Bloomberg News noted that Latin
American companies are stepping up overseas debt sales as rising
demand for higher-yielding assets lowers borrowing costs.
“Investor appetite for corporate bonds is increasing,” the report
quoted Eduardo Suarez, an analyst at RBC Capital Markets in
Toronto, as saying.  “It’s a factor we’ve been seeing in emerging
markets generally,” Mr. Suarez added.

                      About Corporacion GEO

Corporacion GEO Sab de CV, through its sunsidiaries, designs and
contructs entry-level housing communities in Mexico and Chile.
GEO acquires land, obtains permits, installs infrastructure
improvements, and builds and markets hoising developments.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
September 14, 2009, Standard & Poor's Ratings Services said that
it assigned its 'BB-' senior unsecured long-term debt rating to
Corporacion Geo S.A.B. de C.V.'s proposed $200 million fixed-rate
notes.


* MEXICO: Sells MXN32BB in Debt in ‘Recent Days,’ Minister Says
---------------------------------------------------------------
Mexico issued MXN32 billion (US$2.4 billion) in debt backed by oil
funds in “recent days” and will distribute the proceeds to states,
Jens Erik Gould at Bloomberg News reports, citing Mexican Finance
Minister Agustin Carstens.  The report relates that Mr. Carstens
said the zero-coupon debt was sold in a private offering to banks,
and will mature in 13 years.

According to the report, the funds may provide a reprieve for
states and cities that have been forced to slash payrolls and
reduce services as an economic slump cuts into their local tax
take.  Bloomberg News says that the federal government’s debt
issuance is backed by a rainy-day oil fund that gets money when
Mexico’s oil exports sell for more than the budgeted amount.

Bloomberg News, citing Moody’s Investors Service, notes that
Mexican states depend on federal resources for 90% of their
income.  That compares with 70% for states in Argentina, and 20
percent to 25 percent for states in Brazil, Moody’s analyst Sean
Marion said, the report adds.


* MEXICO: July Industrial Output Declined 6.5% From Year Earlier
----------------------------------------------------------------
Crayton Harrison at Bloomberg News reports that the national
statistics institute said Mexico’s industrial production fell 6.5%
in July from a year earlier.  The decline was less than the 9.1%
drop forecast in a survey of 14 economists by Bloomberg.


=================
V E N E Z U E L A
=================


PETROLEOS DE VENEZUELA: To Operate Sacha Field With Petroecuador
----------------------------------------------------------------
Operaciones Rio Napo, a joint venture company between Petroeduador
(70% stake) and PDVSA Ecuador S.A. (30% stake), entered into a
service agreement with Petroproduccion, a subsidiary of
Petroecuador, for management, increased output, development,
upgrade, comprehensive improvement and drilling of the Sacha
field, in the Ecuadorian Amazonian region, Oil Voice News reports.
PDVSA Ecuador S.A. is a unit of Petroleos de Venezuela.

According to the report, the technical teams of Petroecuador and
PDVSA Ecuador are to combine efforts in order to exploit and
develop the best oilfield in the southern country.  The report
relates that to date, a total of 225 wells have been drilled.

Oil Voice News says that the Sacha field -- contains around 3.45
billion barrels of oil originally in place and produces
approximately 50,000 bpd of 28o API crude oil -- was discovered in
1969 and production started in 1972.

                           About PDVSA

Petroleos d Venezuela -- http://www.pdvsa.com/-- is Venezuela's
estate oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'


PETROLEOS DE VENEZUELA: Inks US$600 Million Project With Transneft
------------------------------------------------------------------
Petroleos de Venezuela has signed a memorandum of understanding
with Russian oil pipeline operator OAO Transneft to start building
a US$600 million oil pipeline in Venezuela within three to four
years, acob Gronholt-Pedersen at Dow Jones Newswires reports.  The
report relates that under the memorandum Transneft will build
infrastructure for development of the Orinoco oil belt, including
a 1,300 kilometer pipeline.

According to the report, Transneft said that an investment plan
will be drawn up within a year.  The report relates that PDVSA
estimates costs of the 1,300 kilometer pipeline at US$600 million.
Transneft said it plans to build a 700 kilometer pipeline from the
Junin-6 field, the report says.

Headquartered in Moscow, Russia, OAO Transneft --
http://www.transneft.ru/-- operates one of the largest networks
of oil pipelines in the world.  The company moves crude oil
through more than 30,000 miles of pipeline stretching across
Eastern Europe and Asia.  Transneft operates a transportation
network consisting of more than 30,000 miles of pipeline, about
330 pump stations, and 934 tankers capable of storing more than
13 million cu. meters of petroleum product.  The company
transports about 93% of the oil produced in Russia.

                            About PDVSA

Petroleos de Venezuela -- http://www.pdvsa.com/-- is Venezuela's
state oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'


PETROLEOS DE VENEZUELA: Refinery Enlargement Ensures Fuel Supply
----------------------------------------------------------------
In order to ensure timely, safe and reliable fuel supply to the
nation and keep the corporate high profile in the world, Petroleos
de Venezuela, S.A. has made the most substantial investment over
the past decades for more than US$17 billion to overhaul and
adjust the refining network to the market changing demands.

PDVSA Refining Managing Director Jesus Luongo talked about the
pressing need in the refining estate of projects aimed at
enlarging the processing capacity at some plants and making others
more versatile to receive a wider variety of crude oil and
increase the supply of final products.  All of this to cash in on
the enormous potential of the Orinoco Oil Belt, with huge deposits
of heavy and extra-heavy oil placing Venezuela as the country with
the largest oil reserves in the world.

With a view to building a new, fairer and sustainable model of
economic development to fight poverty and social exclusion, the
Bolivarian Government –having rescued and recovered PDVSA from the
oil sabotage in 2002- introduced the Oil Sowing Plan (PSP) in
2005.  The plan outlines the domestic policy on hydrocarbons until
2030, and sets strategies for integration and expansion of the
national and international refining system.

               Upgrading medium and deep conversion

Among the initiatives envisaged in the Oil Sowing Plan for the
refining area, Mr. Luongo, also the managing director of the
Paraguana Refining Center, briefed on the major works, namely: the
enlargement of the Fluid Catalytic Cracking units at the
refineries of El Cardon, located in Falcon state, and El Palito,
in Carabobo state.

“The FCC processing capacity will grow by 15% to 89,000 bpd, with
funding surpassing USD650 million and a physical progress of 97%
in the works.  Of course, the benefit goes beyond a higher input;
we are also improving the operational reliability of the plant and
enhancing its operation standards from the environmental view. As
for FCC El Palito, the capacity at this plant will grow over 13%,
that is, from 54,000 to 70,000 bpd, following an investment of
more than US$100 million.  It is presently in the process of
commissioning upon completion of the project.”

In Amuay -- another refinery which forms part of the CRP -- the
refitting of medium and deep conversion will raise the processing
level at 100,000 bpd.  In other words, the utilization of the
installed capacity -- currently at 480,000 bpd -- will climb to
580,000 bpd, thus enlarging the output of high-quality diesel and
gasoline.  The project includes improvements at the delayed
cocking unit and the deployment of new facilities; it is in the
stage of conceptualization, and will be materialized in 2015, upon
the investment of US$1.96 billion in 2015.

Projects such as the construction of the naphtha hydro-treating
plant in Amuay will be implemented soon.  The plant is set to
process 35,000 bpd and help find a niche in the market of
reformulated gasoline with a sulfur content lower than 30
particles per million.  This project entails an investment of more
than US$313 million; progress has been made at 52.2%.
Commissioning is scheduled for the first half of 2011.

The Puerto La Cruz refinery has been included in the refurbishment
strategy to widen up both processing of heavy and extra-heavy
crude oil and the output of gasoline and jet fuel by 63%.  The
deep conversion project budgeted at US$6.50 billion is moving on;
the stage of basic engineering was successfully completed.  It
should be ready by the first half of 2013.

At the El Palito Refinery, the expansion project will turn 22° API
oil into products with a high marketing value.  The project is in
the stage of layout; investment is estimated at US$6.50 billion.
Commissioning is scheduled by the end of 2014.

                         Reliable supply

Gasoline supply across the nation is fully ensured, no matter the
work in process, because PDVSA has enough fuel stocks to fulfill
its commitments both in the domestic and export markets, Mr.
Luongo said.  “Remember that this is a network; therefore, it
works as a whole and in total synchrony; what a refinery stops
producing during the halt is provided by another refinery.”

Mr. Luongo said, for instance, that there are in the country more
than five million and a half vehicles as a result of the domestic
economic growth over the past few years, thanks to the endeavors
of the Bolivarian government.  “Such an increase in the fleet of
vehicles boosted gasoline consumption, presently around 285,000
bpd, and our priority is to meet this demand,” Mr. Luongo said.

                           About PDVSA

Petroleos d Venezuela -- http://www.pdvsa.com/-- is Venezuela's
estate oil company in charge of the development of the petroleum,
petrochemical, and coal industry, as well as planning,
coordinating, supervising, and controlling the operational
activities of its divisions, both in Venezuela and abroad.

                           *     *     *

As reported in the Troubled Company Reporter-Latin America on
July 3, 2009, Fitch Ratings assigned a 'B+/RR4' rating to
Petroleos de Venezuela S.A.'s proposed US$3 billion zero coupon
notes due in 2011.  These notes will be registered at Euroclear
or Clearstream.  Proceeds from the issuance are expected to be
used to fund capital expenditures and for other general corporate
purposes.  Fitch also has these ratings on PDVSA:

  -- Foreign currency Issuer Default Rating 'B+'
  -- Local currency IDR 'B+'
  -- US$3 billion outstanding senior notes (due 2017) 'B+/RR4'
  -- US$3.5 billion outstanding senior notes (due 2027) 'B+/RR4'
  -- US$1.5 billion outstanding senior notes (due 2037) 'B+/RR4'


* VENEZUELA: Venezuela-Russia Business Meeting to Push Through
--------------------------------------------------------------
President of Petroleos de Venezuela, S.A. Rafael Ramirez, met with
Igor Sechin, Vice-Prime Minister of the Russian Federation, in the
context of the Third Venezuela-Russia Business Meeting to be held
in Moscow as part of Venezuelan President Hugo Chavez’s tour of
Africa, the Middle East, Central Asia and Europe.

Mr. Ramirez highlighted the undertaking of the business and
production sectors of both nations, which keep in touch to
identify the opportunities for the necessary multi-polarity.

“Both our governments have moved forward in the execution of any
kind of agreements which have brought us closer as peoples and
made room for joint work.  For this reason we are securing and
advancing strategic projects between the two countries and in this
regard, the doors have been opened to the Russian energy
consortium composed by the largest oil and gas companies in the
Federation,” said the minister.

For his part, Vice-Prime Minister Sechin noted “trade exchange
between our peoples has grown more than 30 fold.  Also, progress
has been made in other issues, such as the Agreement on non-Visa
Exchange and the Russian-Venezuelan joint bank. Russia intends to
widen up in every field the relations with Venezuela -a leading
country in Latin America and one of the most important in the
region.”

Venezuela and Russia have worked on the development of the Junin 6
field at the Orinoco Oil Belt, containing more than 52,000 of oil
originally in place.  In addition, the European nation presently
counts on the involvement of its company Gazprom in the Rafael
Urdaneta and Gran Mariscal Sucre projects.  “The experience and
ability of Russian oil and gas companies, together with the
Venezuelan potential, will help us overcome an oil rent-seeking
model,” said Mr. Ramirez.

The recent visit of Venezuela’s President Hugo Chavez is a new
possibility for Russia to support the Venezuelan food sector. In
this regard, the Venezuelan minister of Energy and Petroleum
talked about the need to give access to the private sector in the
creation of jobs and supply of goods and services in fair,
balanced conditions.  The State cannot take care of the whole
production apparatus in the country; hence the need of related
strategic projects.


===============
X X X X X X X X
===============


LATAM: OPEC to Revise Again Market Performance in December
----------------------------------------------------------
The Organization of Petroleum Exporting Countries resolved to keep
its output unchanged during the 154th Extraordinary Meeting held
at the headquarters in the Austrian capital city.  Last year, the
organization curtailed 4.2 million bpd in an attempt at
stabilizing weakened oil prices after smashing a record in July.
The parties made a call to observe the decision to increase the
prices.

In the official communique, member states are set to observe the
supply-demand fundamentals.  The market performance will be
reviewed again in the 155th Extraordinary Meeting to be held next
December 22, in Luanda, Angola.

On January 1, 2010, Ecuadorian Minister of Mines and Petroleum
Germanico Pinto will take office as president of the OPEC
Conference.  The next regular meeting will be held in Vienna, on
March 17, 2010.


* Large Companies With Insolvent Balance Sheets
-----------------------------------------------

                                                        Total
                                        Total        Shareholders
                                        Assets         Equity
Company              Ticker            (US$MM)         (US$MM)
-------              ------           ------------     -------

ACO ALTONA         EALT3 BZ           80647079.55    -12603367.15
ACO ALTONA SA      EAAON BZ           80647079.55    -12603367.15
ACO ALTONA-PREF    EAAPN BZ           80647079.55    -12603367.15
ACO ALTONA-PREF    EALT4 BZ           80647079.55    -12603367.15
ALL MALHA PAULIS   GASC3B BZ         881202387.66    -501612577.9
ALL MALHA PAULIS   GASC3 BZ          881202387.66    -501612577.9
ARTHUR LAN-DVD C   ARLA11 BZ          21333792.82    -16295577.05
ARTHUR LAN-DVD P   ARLA12 BZ          21333792.82    -16295577.05
ARTHUR LANG-RC C   ARLA9 BZ           21333792.82    -16295577.05
ARTHUR LANG-RC P   ARLA10 BZ          21333792.82    -16295577.05
ARTHUR LANG-RT C   ARLA1 BZ           21333792.82    -16295577.05
ARTHUR LANG-RT P   ARLA2 BZ           21333792.82    -16295577.05
ARTHUR LANGE       ARLA3 BZ           21333792.82    -16295577.05
ARTHUR LANGE SA    ALICON BZ          21333792.82    -16295577.05
ARTHUR LANGE-PRF   ARLA4 BZ           21333792.82    -16295577.05
ARTHUR LANGE-PRF   ALICPN BZ          21333792.82    -16295577.05
AZEVEDO            AZEV3 BZ           58171856.05     -4288079.64
AZEVEDO E TRA-PR   AZEVPN BZ          58171856.05     -4288079.64
AZEVEDO E TRAVAS   AZEVON BZ          58171856.05     -4288079.64
AZEVEDO-PREF       AZEV4 BZ           58171856.05     -4288079.64
B&D FOOD CORP      BDFCE US              15779763         -588840
B&D FOOD CORP      BDFC US               15779763         -588840
BOMBRIL            BMBBF US          239716189.99   -242287717.11
BOMBRIL            BOBR3 BZ          239716189.99   -242287717.11
BOMBRIL CIRIO SA   BOBRON BZ         239716189.99   -242287717.11
BOMBRIL CIRIO-PF   BOBRPN BZ         239716189.99   -242287717.11
BOMBRIL SA-ADR     BMBPY US          239716189.99   -242287717.11
BOMBRIL SA-ADR     BMBBY US          239716189.99   -242287717.11
BOMBRIL-PREF       BOBR4 BZ          239716189.99   -242287717.11
BOMBRIL-RGTS PRE   BOBR2 BZ          239716189.99   -242287717.11
BOMBRIL-RIGHTS     BOBR1 BZ          239716189.99   -242287717.11
BOTUCATU TEXTIL    STRP3 BZ           31385624.73     -9890708.41
BOTUCATU-PREF      STRP4 BZ           31385624.73     -9890708.41
BUETTNER           BUET3 BZ           86940610.88    -37817234.67
BUETTNER SA        BUETON BZ          86940610.88    -37817234.67
BUETTNER SA-PRF    BUETPN BZ          86940610.88    -37817234.67
BUETTNER SA-RT P   BUET2 BZ           86940610.88    -37817234.67
BUETTNER SA-RTS    BUET1 BZ           86940610.88    -37817234.67
BUETTNER-PREF      BUET4 BZ           86940610.88    -37817234.67
CAF BRASILIA       CAFE3 BZ           15788426.91   -516549819.64
CAF BRASILIA-PRF   CAFE4 BZ           15788426.91   -516549819.64
CAFE BRASILIA SA   CSBRON BZ          15788426.91   -516549819.64
CAFE BRASILIA-PR   CSBRPN BZ          15788426.91   -516549819.64
CAMBUCI SA         CAMBON BZ          87269252.24    -22493566.05
CAMBUCI SA         CAMB3 BZ           87269252.24    -22493566.05
CAMBUCI SA-PREF    CAMB4 BZ           87269252.24    -22493566.05
CAMBUCI SA-PREF    CXDOF US           87269252.24    -22493566.05
CAMBUCI SA-PREF    CAMBPN BZ          87269252.24    -22493566.05
CHIARELLI SA       CCHON BZ           22274026.77    -44537138.21
CHIARELLI SA       CCHI3 BZ           22274026.77    -44537138.21
CHIARELLI SA-PRF   CCHPN BZ           22274026.77    -44537138.21
CHIARELLI SA-PRF   CCHI4 BZ           22274026.77    -44537138.21
CHILESAT CO-ADR    TL US             432460542.94    -44559657.55
CHILESAT CO-RTS    CHISATOS CI       432460542.94    -44559657.55
CHILESAT CORP SA   TELEX CI          432460542.94    -44559657.55
CIA PETROLIF-PRF   MRLM4 BZ          377602195.17     -3014291.72
CIA PETROLIF-PRF   MRLM4B BZ         377602195.17     -3014291.72
CIA PETROLIF-PRF   1CPMPN BZ         377602195.17     -3014291.72
CIA PETROLIFERA    MRLM3B BZ         377602195.17     -3014291.72
CIA PETROLIFERA    1CPMON BZ         377602195.17     -3014291.72
CIA PETROLIFERA    MRLM3 BZ          377602195.17     -3014291.72
CIMOB PART-PREF    GAFPN BZ           36817394.78    -33083086.54
CIMOB PART-PREF    GAFP4 BZ           36817394.78    -33083086.54
CIMOB PARTIC SA    GAFON BZ           36817394.78    -33083086.54
CIMOB PARTIC SA    GAFP3 BZ           36817394.78    -33083086.54
COMERCIAL PL-ADR   SCPDS LI          146090772.51    -255079026.8
COMERCIAL PL-C/E   COMEC AR          146090772.51    -255079026.8
COMERCIAL PLA-BL   COMEB AR          146090772.51    -255079026.8
COMERCIAL PLAT-$   COMED AR          146090772.51    -255079026.8
CTM CITRUS SA      CTMON BZ           38740523.05      -671039.81
CTM CITRUS- PR R   CTPC2 BZ           38740523.05      -671039.81
CTM CITRUS-ADR     CTMMY US           38740523.05      -671039.81
CTM CITRUS-COM R   CTPC1 BZ           38740523.05      -671039.81
CTM CITRUS-PREF    CTMPN BZ           38740523.05      -671039.81
CTM CITRUS-RCT C   CTP5 BZ            38740523.05      -671039.81
CTM CITRUS-RCT C   CTPC9 BZ           38740523.05      -671039.81
CTM CITRUS-RCT P   CTP6 BZ            38740523.05      -671039.81
CTM CITRUS-RCT P   CTPC10 BZ          38740523.05      -671039.81
D H B              DHBI3 BZ          108241401.93   -350596880.48
D H B-PREF         DHBI4 BZ          108241401.93   -350596880.48
DHB IND E COM      DHBON BZ          108241401.93   -350596880.48
DHB IND E COM-PR   DHBPN BZ          108241401.93   -350596880.48
DOC IMBITUB-PREF   IMBI4 BZ          105243414.69    -12993146.26
DOC IMBITUBA       IMBI3 BZ          105243414.69    -12993146.26
DOC IMBITUBA-RTC   IMBI1 BZ          105243414.69    -12993146.26
DOC IMBITUBA-RTP   IMBI2 BZ          105243414.69    -12993146.26
DOCA INVESTI-PFD   DOCA4 BZ           88417960.92    -18059127.86
DOCA INVESTIMENT   DOCA3 BZ           88417960.92    -18059127.86
DOCAS IMBITUB-PR   IMBIPN BZ         105243414.69    -12993146.26
DOCAS IMBITUBA     IMBION BZ         105243414.69    -12993146.26
DOCAS SA           DOCAON BZ          88417960.92    -18059127.86
DOCAS SA-PREF      DOCAPN BZ          88417960.92    -18059127.86
DOCAS SA-RTS PRF   DOCA2 BZ           88417960.92    -18059127.86
ESTRELA SA         ESTR3 BZ           61011893.59    -54580283.64
ESTRELA SA         ESTRON BZ          61011893.59    -54580283.64
ESTRELA SA-PREF    ESTRPN BZ          61011893.59    -54580283.64
ESTRELA SA-PREF    ESTR4 BZ           61011893.59    -54580283.64
FABRICA RENAUX     FTRX3 BZ            61543317.9     -41332379.8
FABRICA RENAUX     FRNXON BZ           61543317.9     -41332379.8
FABRICA RENAUX-P   FTRX4 BZ            61543317.9     -41332379.8
FABRICA RENAUX-P   FRNXPN BZ           61543317.9     -41332379.8
FABRICA TECID-RT   FTRX1 BZ            61543317.9     -41332379.8
FER C ATL-RCT CM   VSPT9 BZ         1050516250.26     -47197918.4
FER C ATL-RCT PF   VSPT10 BZ        1050516250.26     -47197918.4
FER C ATLANT       VSPT3 BZ         1050516250.26     -47197918.4
FER C ATLANT-PRF   VSPT4 BZ         1050516250.26     -47197918.4
FER HAGA-PREF      HAGA4 BZ           14321550.12    -58418359.49
FERRAGENS HAGA     HAGAON BZ          14321550.12    -58418359.49
FERRAGENS HAGA-P   HAGAPN BZ          14321550.12    -58418359.49
FERROVIA CEN-DVD   VSPT11 BZ        1050516250.26     -47197918.4
FERROVIA CEN-DVD   VSPT12 BZ        1050516250.26     -47197918.4
GASCOIGNE EMP-PF   GASC4 BZ          881202387.66    -501612577.9
GASCOIGNE EMP-PF   GASC4B BZ         881202387.66    -501612577.9
GASCOIGNE EMP-PF   1GASPN BZ         881202387.66    -501612577.9
GASCOIGNE EMPREE   1GASON BZ         881202387.66    -501612577.9
GAZOLA             GAZO3 BZ           12452143.07    -40298506.25
GAZOLA SA          GAZON BZ           12452143.07    -40298506.25
GAZOLA SA-DVD CM   GAZO11 BZ          12452143.07    -40298506.25
GAZOLA SA-DVD PF   GAZO12 BZ          12452143.07    -40298506.25
GAZOLA SA-PREF     GAZPN BZ           12452143.07    -40298506.25
GAZOLA-PREF        GAZO4 BZ           12452143.07    -40298506.25
GAZOLA-RCPT PREF   GAZO10 BZ          12452143.07    -40298506.25
GAZOLA-RCPTS CMN   GAZO9 BZ           12452143.07    -40298506.25
HAGA               HAGA3 BZ           14321550.12    -58418359.49
HOPI HARI SA       PQTM3 BZ           58692385.42   -188832203.73
HOPI HARI-PREF     PQTM4 BZ           58692385.42   -188832203.73
IMPSAT FIBER NET   330902Q GR           535007008       -17165000
IMPSAT FIBER NET   IMPTQ US             535007008       -17165000
IMPSAT FIBER NET   XIMPT SM             535007008       -17165000
IMPSAT FIBER-$US   IMPTD AR             535007008       -17165000
IMPSAT FIBER-BLK   IMPTB AR             535007008       -17165000
IMPSAT FIBER-C/E   IMPTC AR             535007008       -17165000
IMPSAT FIBER-CED   IMPT AR              535007008       -17165000
MARAMBAIA          CTPC3 BZ           38740523.05      -671039.81
MARAMBAIA-PREF     CTPC4 BZ           38740523.05      -671039.81
MARAMBAIA-PREF     CTMMF US           38740523.05      -671039.81
MINUPAR            MNPR3 BZ           89611489.39    -20702110.72
MINUPAR SA         MNPRON BZ          89611489.39    -20702110.72
MINUPAR SA-PREF    MNPRPN BZ          89611489.39    -20702110.72
MINUPAR-PREF       MNPR4 BZ           89611489.39    -20702110.72
MMX MINERACA-GDR   XMM CN           1060478942.97   -123550800.05
MMX MINERACA-GDR   MMXMY US         1060478942.97   -123550800.05
MMX MINERACA-GDR   3M11 GR          1060478942.97   -123550800.05
MMX MINERACAO      MMXM3 BZ         1060478942.97   -123550800.05
MMX MINERACAO      MMXCF US         1060478942.97   -123550800.05
MMX MINERACAO      TRES3 BZ         1060478942.97   -123550800.05
NORDON MET         NORD3 BZ            14029500.1    -17709728.15
NORDON MET-RTS     NORD1 BZ            14029500.1    -17709728.15
NORDON METAL       NORDON BZ           14029500.1    -17709728.15
NOVA AMERICA SA    NOVA3B BZ             21287489   -183535527.21
NOVA AMERICA SA    NOVA3 BZ              21287489   -183535527.21
NOVA AMERICA SA    1NOVON BZ             21287489   -183535527.21
NOVA AMERICA SA    NOVAON BZ             21287489   -183535527.21
NOVA AMERICA-PRF   NOVA4 BZ              21287489   -183535527.21
NOVA AMERICA-PRF   1NOVPN BZ             21287489   -183535527.21
NOVA AMERICA-PRF   NOVAPN BZ             21287489   -183535527.21
NOVA AMERICA-PRF   NOVA4B BZ             21287489   -183535527.21
PARQUE TEM-DV CM   PQT5 BZ            58692385.42   -188832203.73
PARQUE TEM-DV PF   PQT6 BZ            58692385.42   -188832203.73
PARQUE TEM-RCT C   PQTM9 BZ           58692385.42   -188832203.73
PARQUE TEM-RCT P   PQTM10 BZ          58692385.42   -188832203.73
PARQUE TEM-RT CM   PQTM1 BZ           58692385.42   -188832203.73
PARQUE TEM-RT PF   PQTM2 BZ           58692385.42   -188832203.73
PET MANG-RECEIPT   RPMG10 BZ          76852724.18   -212528966.16
PET MANG-RECEIPT   RPMG9 BZ           76852724.18   -212528966.16
PET MANG-RIGHTS    RPMG2 BZ           76852724.18   -212528966.16
PET MANG-RIGHTS    RPMG1 BZ           76852724.18   -212528966.16
PET MANGUINH-PRF   RPMG4 BZ           76852724.18   -212528966.16
PETRO MANGUIN-PF   MANGPN BZ          76852724.18   -212528966.16
PETRO MANGUINHOS   RPMG3 BZ           76852724.18   -212528966.16
PETRO MANGUINHOS   MANGON BZ          76852724.18   -212528966.16
PROMAN             PRMN3B BZ          12167222.17      -207882.19
PROMAN             PRMN3 BZ           12167222.17      -207882.19
REII INC           REIC US               15779763         -588840
RENAUXVIEW SA      TXRX3 BZ           50909736.38    -79601048.99
RENAUXVIEW SA-PF   TXRX4 BZ           50909736.38    -79601048.99
RIMET              REEM3 BZ           80030147.28    -124398873.4
RIMET              REEMON BZ          80030147.28    -124398873.4
RIMET-PREF         REEMPN BZ          80030147.28    -124398873.4
RIMET-PREF         REEM4 BZ           80030147.28    -124398873.4
RIOSULENSE SA      RSUL3 BZ           56866478.19     -9053574.99
RIOSULENSE SA      RSULON BZ          56866478.19     -9053574.99
RIOSULENSE SA-PR   RSUL4 BZ           56866478.19     -9053574.99
RIOSULENSE SA-PR   RSULPN BZ          56866478.19     -9053574.99
SANESALTO          SNST3 BZ           24569561.13      -754460.51
SANSUY             SNSY3 BZ          100279114.92    -45812488.77
SANSUY SA          SNSYON BZ         100279114.92    -45812488.77
SANSUY SA-PREF A   SNSYAN BZ         100279114.92    -45812488.77
SANSUY SA-PREF B   SNSYBN BZ         100279114.92    -45812488.77
SANSUY-PREF A      SNSY5 BZ          100279114.92    -45812488.77
SANSUY-PREF B      SNSY6 BZ          100279114.92    -45812488.77
SCHLOSSER          SCLO3 BZ           10007791.94    -53599536.49
SCHLOSSER SA       SCHON BZ           10007791.94    -53599536.49
SCHLOSSER SA-PRF   SCHPN BZ           10007791.94    -53599536.49
SCHLOSSER-PREF     SCLO4 BZ           10007791.94    -53599536.49
SNIAFA SA          SNIA AR            11489328.24      -840226.12
SNIAFA SA-B        SDAGF US           11489328.24      -840226.12
SNIAFA SA-B        SNIA5 AR           11489328.24      -840226.12
SOC COMERCIAL PL   CVVIF US          146090772.51    -255079026.8
SOC COMERCIAL PL   CAD IX            146090772.51    -255079026.8
SOC COMERCIAL PL   COME AR           146090772.51    -255079026.8
SOC COMERCIAL PL   CADN SW           146090772.51    -255079026.8
SOC COMERCIAL PL   SCDPF US          146090772.51    -255079026.8
STAROUP SA         STARON BZ          31385624.73     -9890708.41
STAROUP SA-PREF    STARPN BZ          31385624.73     -9890708.41
TECEL S JOSE       SJOS3 BZ           17924946.14    -18569451.23
TECEL S JOSE       FTSJON BZ          17924946.14    -18569451.23
TECEL S JOSE-PRF   FTSJPN BZ          17924946.14    -18569451.23
TECEL S JOSE-PRF   SJOS4 BZ           17924946.14    -18569451.23
TEKA               TKTQF US          219773260.95   -306726075.74
TEKA               TEKAON BZ         219773260.95   -306726075.74
TEKA               TEKA3 BZ          219773260.95   -306726075.74
TEKA-ADR           TEKAY US          219773260.95   -306726075.74
TEKA-ADR           TKTPY US          219773260.95   -306726075.74
TEKA-ADR           TKTQY US          219773260.95   -306726075.74
TEKA-PREF          TEKAPN BZ         219773260.95   -306726075.74
TEKA-PREF          TKTPF US          219773260.95   -306726075.74
TEKA-PREF          TEKA4 BZ          219773260.95   -306726075.74
TELEBRAS SA        TBASF US          219200060.46     -3774997.87
TELEBRAS SA        TELB3 BZ          219200060.46     -3774997.87
TELEBRAS SA        TLBRON BZ         219200060.46     -3774997.87
TELEBRAS SA-PREF   TLBRPN BZ         219200060.46     -3774997.87
TELEBRAS SA-PREF   TELB4 BZ          219200060.46     -3774997.87
TELEBRAS SA-RT     TELB9 BZ          219200060.46     -3774997.87
TELEBRAS-ADR       TBASY US          219200060.46     -3774997.87
TELEBRAS-ADR       RTB US            219200060.46     -3774997.87
TELEBRAS-ADR       TBX GR            219200060.46     -3774997.87
TELEBRAS-ADR       TBRAY GR          219200060.46     -3774997.87
TELEBRAS-ADR       TBAPY US          219200060.46     -3774997.87
TELEBRAS-ADR       TBH US            219200060.46     -3774997.87
TELEBRAS-BLOCK     TELB30 BZ         219200060.46     -3774997.87
TELEBRAS-CED C/E   RCT4C AR          219200060.46     -3774997.87
TELEBRAS-CED C/E   TEL4C AR          219200060.46     -3774997.87
TELEBRAS-CEDE BL   RCT4B AR          219200060.46     -3774997.87
TELEBRAS-CEDE PF   RCTB4 AR          219200060.46     -3774997.87
TELEBRAS-CEDE PF   TELB4 AR          219200060.46     -3774997.87
TELEBRAS-CEDEA $   TEL4D AR          219200060.46     -3774997.87
TELEBRAS-CEDEA $   RCT4D AR          219200060.46     -3774997.87
TELEBRAS-CM RCPT   RCTB31 BZ         219200060.46     -3774997.87
TELEBRAS-CM RCPT   RCTB30 BZ         219200060.46     -3774997.87
TELEBRAS-CM RCPT   TELE31 BZ         219200060.46     -3774997.87
TELEBRAS-CM RCPT   TBRTF US          219200060.46     -3774997.87
TELEBRAS-CM RCPT   RCTB32 BZ         219200060.46     -3774997.87
TELEBRAS-COM RT    TELB1 BZ          219200060.46     -3774997.87
TELEBRAS-PF BLCK   TELB40 BZ         219200060.46     -3774997.87
TELEBRAS-PF RCPT   RCTB40 BZ         219200060.46     -3774997.87
TELEBRAS-PF RCPT   TBAPF US          219200060.46     -3774997.87
TELEBRAS-PF RCPT   RCTB41 BZ         219200060.46     -3774997.87
TELEBRAS-PF RCPT   TLBRUP BZ         219200060.46     -3774997.87
TELEBRAS-PF RCPT   CBRZF US          219200060.46     -3774997.87
TELEBRAS-PF RCPT   RCTB42 BZ         219200060.46     -3774997.87
TELEBRAS-PF RCPT   TELE41 BZ         219200060.46     -3774997.87
TELEBRAS-RCT       RCTB33 BZ         219200060.46     -3774997.87
TELEBRAS-RCT PRF   TELB10 BZ         219200060.46     -3774997.87
TELEBRAS-RECEIPT   TLBRUO BZ         219200060.46     -3774997.87
TELEBRAS-RTS CMN   TCLP1 BZ          219200060.46     -3774997.87
TELEBRAS-RTS CMN   RCTB1 BZ          219200060.46     -3774997.87
TELEBRAS-RTS PRF   RCTB2 BZ          219200060.46     -3774997.87
TELEBRAS-RTS PRF   TLCP2 BZ          219200060.46     -3774997.87
TELEBRAS/W-I-ADR   TBH-W US          219200060.46     -3774997.87
TELECOMUNICA-ADR   81370Z BZ         219200060.46     -3774997.87
TELEX-A            TELEXA CI         432460542.94    -44559657.55
TELEX-RTS          TELEXO CI         432460542.94    -44559657.55
TELMEX CORP SA     CHILESAT CI       432460542.94    -44559657.55
TELMEX CORP-ADR    CSAOY US          432460542.94    -44559657.55
TEXTEIS RENA-RCT   TXRX9 BZ           50909736.38    -79601048.99
TEXTEIS RENA-RCT   TXRX10 BZ          50909736.38    -79601048.99
TEXTEIS RENAU-RT   TXRX2 BZ           50909736.38    -79601048.99
TEXTEIS RENAU-RT   TXRX1 BZ           50909736.38    -79601048.99
TEXTEIS RENAUX     RENXON BZ          50909736.38    -79601048.99
TEXTEIS RENAUX     RENXPN BZ          50909736.38    -79601048.99
TRESSEM PART SA    1TSSON BZ        1060478942.97   -123550800.05
VARIG PART EM SE   VPSC3 BZ          101177852.25   -318442006.32
VARIG PART EM TR   VPTA3 BZ           49432124.18   -399290425.77
VARIG PART EM-PR   VPSC4 BZ          101177852.25   -318442006.32
VARIG PART EM-PR   VPTA4 BZ           49432124.18   -399290425.77
VARIG SA           VAGV3 BZ          966298025.55  -4695211316.33
VARIG SA           VARGON BZ         966298025.55  -4695211316.33
VARIG SA-PREF      VAGV4 BZ          966298025.55  -4695211316.33
VARIG SA-PREF      VARGPN BZ         966298025.55  -4695211316.33
WETZEL SA          MWET3 BZ           69983432.56     -6279264.91
WETZEL SA          MWELON BZ          69983432.56     -6279264.91
WETZEL SA-PREF     MWET4 BZ           69983432.56     -6279264.91
WETZEL SA-PREF     MWELPN BZ          69983432.56     -6279264.91
WIEST              WISA3 BZ           39838113.86    -93371563.06
WIEST SA           WISAON BZ          39838113.86    -93371563.06
WIEST SA-PREF      WISAPN BZ          39838113.86    -93371563.06
WIEST-PREF         WISA4 BZ           39838113.86    -93371563.06


                            ***********

Monday's edition of the TCR-LA delivers a list of indicative
prices for bond issues that reportedly trade well below par.
Prices are obtained by TCR-LA editors from a variety of outside
sources during the prior week we think are reliable.   Those
sources may not, however, be complete or accurate.  The Monday
Bond Pricing table is compiled on the Friday prior to
publication.  Prices reported are not intended to reflect actual
trades.  Prices for actual trades are probably different.  Our
objective is to share information, not make markets in publicly
traded securities.  Nothing in the TCR-LA constitutes an offer
or solicitation to buy or sell any security of any kind.  It is
likely that some entity affiliated with a TCR-LA editor holds
some position in the issuers' public debt and equity securities
about which we report.

Tuesday's edition of the TCR-LA features a list of companies
with insolvent balance sheets obtained by our editors based on
the latest balance sheets publicly available a day prior to
publication.  At first glance, this list may look like the
definitive compilation of stocks that are ideal to sell short.
Don't be fooled.  Assets, for example, reported at historical
cost net of depreciation may understate the true value of a
firm's assets.  A company may establish reserves on its balance
sheet for liabilities that may never materialize.  The prices at
which equity securities trade in public market are determined by
more than a balance sheet solvency test.

A list of Meetings, Conferences and Seminars appears in each
Thursday's edition of the TCR-LA. Submissions about insolvency-
related conferences are encouraged.  Send announcements to
conferences@bankrupt.com

                            ***********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter - Latin America is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA, Marites O. Claro, Joy A. Agravente, Rousel Elaine C.
Tumanda, Valerie C. Udtuhan, Frauline S. Abangan, and Peter A.
Chapman, Editors.


Copyright 2009.  All rights reserved.  ISSN 1529-2746.

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